STOCK TITAN

Otis Technology Lifts Canada's Next Tallest Building: Toronto's 'The ONE'

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Otis Canada is set to supply 23 elevators for The ONE, a 309-meter mixed-use building in Toronto, marking its first SkyBuild construction elevator installation in Canada. This project will enhance productivity on-site, with the building being slated as Canada's tallest upon completion. The elevator suite includes 11 SkyRise elevators, eight Gen2 elevators, and four SkyBuild elevators that will transition to SkyRise upon project completion. The SkyBuild system is designed to boost efficiency by allowing construction crews to access the highest completed floors safely.

Positive
  • Secured a significant contract for 23 elevators, enhancing revenue stream.
  • First installation of SkyBuild technology in Canada, showcasing innovation.
  • Project positions Otis as a key player in the construction of Canada's tallest building.
Negative
  • None.
  • Otis to provide 23 elevators to 309-meter, mixed-use building.
  • First SkyBuild construction elevator installation in Canada will help crews move and work more efficiently on site.

TORONTO, Oct. 1, 2020 /PRNewswire/ -- Otis Canada is supplying 23 elevators to One Bloor West, also known as "The ONE." This project marks Otis' first installation of its SkyBuild construction elevator in Canada. Otis (NYSE: OTIS) is the world's leading company for elevator and escalator manufacturing, installation and service.

At 309 meters, The ONE will include retail, residential and hotel space. When completed, it will be Canada's tallest building, defined as the tallest structure with at least 50 percent of its height used as occupiable space. Otis is providing 11 SkyRise® elevators, eight Gen2® elevators and four SkyBuild construction elevators, which convert to SkyRise elevators when construction is complete.

The SkyBuild construction elevator grows with the building, giving crews indoor access to the highest completed floor and boosting productivity with safe, reliable, fast transportation. SkyRise elevators – Otis' high-rise platform – offer speeds up to 12.5 meters per second and climbs up to 600 meters. The Otis Gen2 elevator platform redefined the industry with its unique, patented flat-belt drive technology that replaces conventional ropes and significantly reduces vibration, providing passengers and tenants a remarkably smooth, quiet ride and improved overall comfort compared to conventional systems.

"It's an honor to provide the technical expertise and products for the tallest building in Canada," said Jim Cramer, president, Otis Americas. "We thank Mizrahi Developments for placing their trust in Otis and for the opportunity to showcase the benefits of our SkyBuild elevator on this important project."

"One of our fundamental values is to build with the best quality materials and deliver on time to our tenants," said Sam Mizrahi, president of Mizrahi Developments. "With Otis, we're providing our tenants with a modern, comfortable passenger experience."

"Our crews will be using our SkyBuild elevators every day to move people and equipment around the jobsite, both during active construction hours as well as off hours for cleaning and material distribution," said Joshua Lax, Vice President of Development at Mizrahi Developments. "The most important and decisive factor that led us to work with Otis for this ambitious project is the SkyBuild elevator's ability to execute its floor climbs during off-hours. We're simply able to show up for work the next day ready to go – we are predicting a substantial productivity boost, based on the time we'll save with the SkyBuild system."

To learn more about Otis products and services, visit www.otis.com.

About Otis
Built on a legacy of innovation, Otis was founded in 1853 after Elisha Otis invented the elevator safety brake, giving rise to the modern city, transforming how people live and work, and revolutionizing architecture itself. Today, we are the world's leading company for elevator and escalator manufacturing, installation and service. We move 2 billion people a day and maintain more than 2 million customer units worldwide, the industry's largest maintenance portfolio. We can be found in many of the world's most recognizable buildings, as well as the busiest transportation hubs and retail centers – we are everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.

Media Contact:

Jodi Hynes


+1-561-623-4028


Jodi.Hynes@otis.com

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/otis-technology-lifts-canadas-next-tallest-building-torontos-the-one-301142384.html

SOURCE Otis Worldwide Corporation

FAQ

What is Otis providing for The ONE in Toronto?

Otis is supplying 23 elevators, including SkyRise and SkyBuild models, for The ONE project.

When will The ONE be completed?

The completion date for The ONE has not been specified in the press release.

What is the significance of the SkyBuild elevator system?

The SkyBuild system enhances construction efficiency by providing safe access to the highest floors during the building process.

Is The ONE the tallest building in Canada?

Yes, upon completion, The ONE will be Canada's tallest building.

How does the SkyRise elevator benefit users?

SkyRise elevators offer speeds up to 12.5 meters per second, improving passenger comfort and reducing vibration.

Otis Worldwide Corporation

NYSE:OTIS

OTIS Rankings

OTIS Latest News

OTIS Stock Data

39.53B
399.46M
0.14%
93.14%
2.11%
Specialty Industrial Machinery
Electronic & Other Electrical Equipment (no Computer Equip)
Link
United States of America
FARMINGTON