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First Gulf mulls IPO, bond financing to bankroll Canada's biggest office project

First Gulf Development Corp. is mulling several financing options, including an IPO or bond financing, to start work on an C$8 billion, 12-million-square-foot office project, which would be Canada's biggest office project, Bloomberg reported.

According to the report, the development will rise on a 60-acre site known as East Harbour, which Toronto officially pitched for Amazon.com Inc.'s second North American headquarters.

The project will include a mix of office, retail and institutional space that could hold more than 50,000 workers.

The company has been purchasing land and working toward obtaining zoning approval and currently owns 38 acres at the site, with the rest owned by the city. Derek Goring, First Gulf vice president of development, said the city's approval for a transit station at the site is the "key to unlocking this project."

Goring said the e-commerce boom will keep up demand for new space even if Amazon decides against moving its 8 million-square-foot headquarters to East Harbour.