Metrolinx is planning on moving the GO bus terminal at Union Station and building a new public park over the rail corridor.

The provincial agency has sold its property at 141 Bay St. to real-estate company Ivanhoé Cambridge and will lease space on 45 Bay St. across from the Air Canada Centre instead, according to Metrolinx spokesperson Anne Marie Aikins.

The latter site is currently a parking lot south of the train tracks, but a development proposal for the site includes plans for a new GO bus terminal and 2.5 million square feet of office space. Underground parking and retail space are also being planned at this location, and the new terminal will connect with the underground PATH system, said Aikins.

At a press conference Tuesday morning to talk about the agreement between Metrolinx and Ivanhoé Cambridge, Transportation Minister Steven Del Duca said the new bus terminal will help improve service and enable easier access to Toronto’s downtown core.

“The site at 45 Bay St. will provide immediate access to the Gardiner Expressway and Lakeshore Boulevard which will allow GO Transit greater operational flexibility in the event of unforeseen delays,” Del Duca said. “The new terminal will also enable convenient access to Union Station and the financial district by integrating with the downtown PATH system helping commuters get to their jobs even faster.”

A one-acre “Skypark” with a restaurant is also part of the development project. The above ground, landscaped park will connect the office tower at 45 Bay Street to a planned office tower at 141 Bay St., the GO bus terminal’s current location.

Close to $2 billion is being invested in this project, and is part of $60 billion of transit improvement projects across the Greater Toronto Area and Hamilton including a Union-Pearson rail link and a York Viva bus rapid transit expansion.

Construction is expected to being in the spring of 2015 and is expected to take about three years.

More than 250,000 passengers travel through Union Station daily and this number is expected to double by 2030.

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