The Value of Investing in Canadian Downtowns - International ...

Retail Development
Downtown Toronto is re-establishing its retail strength
and experiencing an influx of national retailers.
National supermarket chains have opened several
large format and smaller, urban format stores across
downtown to meet the needs of a growing residential
population. Urban format supermarkets are more
compact and designed to meet the needs of a largely
pedestrian customer base. The downtown is also
attracting a growing number of big box retailers,
innovatively adapting the large footprint to the urban
form. Stores can be found in basements or upper
levels of downtown buildings where street-level space
is unavailable.
The creation of Yonge-Dundas Square also had a
dramatic impact on downtown retailing. According to
observers, prior to this investment, Yonge Street was
in a state of decline, buildings were falling into
disrepair, crime was rising and many high end
retailers had moved into the Toronto Eaton Centre. In
response to this, the City controversially expropriated
13 properties to build the Square and establish new
commercial opportunities surrounding the Square.
Over the past decade, this bold move has proven to
be a major success with the Square enjoying 100,000
visitors every day and Yonge Street has reestablished
itself as a prized shopping destination. 10
development of a campus above several ‘big box
stores.’ To carry out this project, Ryerson created a
partnership with Toronto Eaton Centre owner Cadillac
Fairview. Ryerson’s new Student Learning Centre is
being developed on the heritage-designated site of
Sam the Record Man. The University has also
redeveloped Maple Leaf Gardens for its new athletic
facility, in partnership with Loblaws. Similarly George
Brown College has been pioneering a new campus
on the waterfront and the OCAD University built the
iconic Sharp Centre beside the Art Gallery of Ontario.
The MaRS Discovery District is also a point of
interest; it is a significant example of creative
partnerships involving the provincial government,
private investment and the adjacent teaching hospital.
The University of Toronto is spread throughout the
downtown core. The impact of these and other
institutional enhancements to the downtown cannot
be underestimated for the vitality, energy and interest
they bring to the core.
“Prior to Yonge-Dundas Square there
were 25 ‘dollar stores’ between Queen
and College, no one wants to come all the
way Downtown to go to a ‘dollar store’”
Waterfront campus for George Brown College
Educational & Institutional
Development
Institutions have been important city builders in
downtown Toronto and have played a key role in
revitalization efforts. For example, Ryerson University
has championed many critical downtown projects.
The Ted Rogers School of Management involved the
10
Cullman, R. (2008). Pedestrians Learn to Scramble at Yonge & Dundas.
Retrieved from
http://www.blogto.com/city/2008/08/pedestrians_learn_to_scramble_at_yo
nge_dundas/. Accessed 2012 January 16.
89
Maple Leaf Gardens was transformed by Ryerson University in
partnership with Loblaws.
http://www.ryerson.ca/news/media/Gener
al_Public/20111124_MR_EllisDon_SLC.html