Metrolinx is announcing plans for a new GO bus terminal at Union Station on Tuesday.

The provincial agency in charge of GO Transit has reached an agreement with Ivanhoé Cambridge that will involve moving the GO bus station to the south side of the train tracks from its current location north of the rail corridor, between Yonge and Bay Sts.

Metrolinx has sold its property at 141 Bay St. to Ivanhoé Cambridge in exchange for a long-term lease at the base of an office development planned for the site at 45 Bay St., currently used as a parking lot.

The development proposal for the southern site, submitted to the city on Monday, includes a new GO bus station and an office tower.

Plans also call for a public park to be built over the rail corridor, the first of its kind in Toronto.

The completed development is expected to add 2.5 million square feet of office space to downtown. Earlier renderings showed a three-tower development extending to the north and south of the tracks.

According to an August report on UrbanToronto.ca , it will also include underground parking and retail. Retail is not expected to be part of the first phase of development, however.

The office development on the north side of the tracks won’t be built until the new bus station is operating.

Construction on a new terminal and tower is expected to begin next year and take about three years.

Details were scarce on Monday, pending a news conference Tuesday by Ontario Transportation Minister Steven Del Duca, Metrolinx chair Robert Prichard and Ivanhoé Cambridge executives at the Fairmont Royal York Hotel.

“I can confirm we are working on a plan for a new Union Station bus facility with Ivanhoe,” said Metrolinx spokeswoman Anne Marie Aikins.

But neither she, nor a spokeswoman for Ivanhoé Cambridge, would provide specifics.

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The site, located across Bay St. from the Air Canada Centre and Union Station, will eventually connect directly with the PATH system and the rail terminal.

Of the 2,061 bus trips GO runs each day, 631 go into the Union Station bus terminal, which opened in 2003. GO buses carry about 55,000 rides a day.

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