Torontoist's Jamie Bradburn had a nice feature about the Hudson's Bay Centre's construction. On the northeast corner of Yonge and Bloor, at one point it was a standout complex.
“A kind of urban Rip Van Winkle” was how the Star assessed the state of Yonge and Bloor in 1970. “We let it fall asleep in the early decades of this century, then tiptoed all around it during the ensuing years building the modern face of Toronto. While glittering towers of glass and concrete and stainless steel shot up everywhere else, mid-town retained a sleepy two-storey profile.”
In terms of large-scale development, the neighbourhood was waking up. Headlines transitioned from the complaints about youth in Yorkville to announcements of new office towers and shopping complexes. By the end of 1970, over 200 storeys of new space were expected to be built within the next four years. While buildings like the Manulife Centre and 2 Bloor West materialized, other ideas, like a pedestrian walkway above Bloor Street into the Colonnade, remained on the drawing board.
Among the first projects announced was a reshaping of the northeast corner of Bloor and Yonge. Backed by affiliates of Swiss-owned developer Fidinam, Toronto architectural firm Crang and Boake revealed plans for the as-yet unnamed complex in June 1969. They called for an office tower, an apartment/hotel tower, two levels of shopping, and an 800-vehicle garage, among other features. Sitting atop a major commuter hub, the complex linked into a series of underground shopping centres stretching westward, whose foot traffic would allow landlords to charge hefty rents. The project soon secured interest from Famous Players cinemas and, vacating its old building on the corner, Royal Bank.
Two major tenants were announced in December 1971: the Workmen’s Compensation Board (WCB), which planned to rent up to 13 floors of office space, and Hudson’s Bay Company. The Bay was familiar with the neighbourhood, having operated a branch of its Morgan’s chain at the present site of Holt Renfrew. The new store would serve as the flagship for the Bay’s rapid expansion in Eastern Canada. It also lent its name to the project: the Hudson’s Bay Centre.
Political controversy soon arose at Queen’s Park. It emerged that Fidinam, which received a $15-million loan from the WCB toward construction, donated $50,000 to the ruling provincial Progressive Conservatives following the decision to move the WCB into the building. A probe by attorney-general Dalton Bales found no wrongdoing under existing laws.