THE HEART OF THE CITY
CANADIAN IMPERIAL
BANK OF COMMERCE
1 and 21 King Street East
BUILDING INFORMATION
Date Built: 1987 (first tower), 1990
Original Owner: 802700 Ontario Inc.
Original Use: Same as present
Subsequent Uses: Same as present
Previous Building on Site: Ten-storey
building formerly occupied by the Canadian Imperial Bank of Commerce (erected in 1892 as
the head office of the Bank of Hamilton and enlarged in 1907).
ARCHITECTURE
Size: 16-storeys
Design and Style: International
Architect, Builder: Pellow & Associates
Architect Inc.
Construction Materials: Cladding:
painted metal and reflective glass
Architectural Integrity: Good
Architectural Features: Octagonal with stepped corners and round columns at street level; wall
surfaces comprise grids of aluminum framing members and square or rectangular panes of
reflective glass; (reflecting surfaces diminish impact of height and bulk of towers)
The building occupied by the Bank of Commerce, located on the corner of King and James
Streets, was ten-storeys high. The architecture of the banking building was a fine example
of Italian Renaissance style and the interior was decorated with valuable and rare marble.
For the longest time the bank was in need of an expansion but could not afford to add to
the foundation of the old building.
The Bank of Commerce merged with the Imperial Bank in the 1960 thereby becoming the
Canadian Imperial Bank of Commerce or CIBC. In 1985, the decision was made to have the ten-storey banking building, then 93 years old, demolished. In its place,
two towers were to be erected, in two stages. It was believed that the construction of the
new towers would be an exciting prospect for the downtown, as it would add people, jobs,
prestige, and confidence to the metropolitan area. The estimated cost of the new towers,
designed by Pellow & Associates Architects Inc., was $30,000,000. The design and style
of the new building was International. It was constructed of painted metal and reflected
glass, having an octagonal shape with stepped corners and round columns at street level.
The wall surfaces comprised grids of aluminum framing members and square or rectangular
panes of reflective glass.
It took over two years to build the bank. During
this time, the electricians and plumbers went on strike. According to the building plans,
the first tower was to include a fifteen-storey building and underground parking on King
and James Streets and the second tower was to be a seventeen-storey commerce building on
the corner of King and MacNab Streets. During the construction, the CIBC bank operated out
of the old Bank of Montreal building on Main and James Streets. The first tower of the
bank opened in 1987 and the second tower opened in 1990. The building is owned by Canada Life Assurance and CIBC. All commercial banking
activities for the province of Ontario, excluding those activities of the City of Toronto,
are run from this location. The two-tower construction is now the tallest building in the
Gore.
See also: www.cibc.com/index.html
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