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

Pattern of Investment
Downtown Toronto has seen significant public and
quasi public investment in the past decade. These
investments have predominantly been in ‘education’
and ‘arts and culture’ and tend to be clustered around
existing institutions, the heart of downtown (Yonge-
Dundas) and supported by access to the Yonge and
University Subway lines. The other key cluster of
investment is around Union Station and along the
waterfront of Lake Ontario. It is also apparent that the
stable neighbourhoods on the east and west side of
the core, have undergone minimal change over the
past decade.
1. The Heart of the City
There is a strong cluster of public and quasi public
investments in the heart of downtown. These
investments primarily include upgrades to Ryerson
University, Ted Rogers School of Management and
the proposed Student Learning Centre. Yet,
investments have also been made in Nathan Phillips
Square (at the front of City Hall). These investments
have been dramatically increasing the vibrancy of the
core and helped it emerge as a 24/7 place to live,
work and play.
2. Downtown University
Campuses
One interviewee commented: ‘All the universities
want to get into the downtown, there is huge
demand.’ This trend is strongly reflected in the three
nodes of Educational Investments on the Capital
Projects Map. As one of the most significant
institutional players in the downtown, the University of
Toronto has invested around $90 million into their
downtown facilities over the past decade. Ryerson
University has invested approximately $11 million
along Dundas Street, while George Brown College
has also made significant investment in its campus
and its satellite waterfront campus, to the tune of
approximately $14 million.
3. Arts and Entertainment
Facilities
Downtown Toronto has also benefited from a strong
investment in ‘arts and entertainment’ facilities. This
investment has been concentrated in the south west
quadrant of the downtown in facilities such as the Art
Gallery of Ontario, Sony Centre for the Performing
Arts, The Rogers Centre, Air Canada Centre and
several of the downtown theatres. Significant
investment was also made in the Royal Ontario
Museum. These investments provide the downtown
with state of the art facilities to host all manner of
artistic, sporting and cultural events.
4. Enhancing, Redeveloping and
Connecting the Waterfront
The revitalization of Toronto’s waterfront is the largest
urban redevelopment project currently underway in
North America, and it is one of the largest waterfront
revitalization efforts ever undertaken in the world. 19
Strategic public investments have been made to
unlock the development potential of the waterfront
area and attract private development. These have
included investments in municipal utilities, flood
protection, development approvals, master planning,
and environmental approvals to spur private
investment. Investment has also been made in parks
and public spaces including building Canada’s Sugar
Beach, Sherbourne Common, the water’s edge
promenade and the wave decks. Investments have
also been made in the Pan Am Athletes Village at the
eastern edge of the downtown core.
The map also reflects investment in ‘infrastructure,
utilities and transportation’ to support the emerging
neighbourhoods along the waterfront and south of the
rail line. For example, many of these types of
investments are clustered around City Place or the
emerging Pan Am Games Athletes’ Village.
Investments in ‘Community Facilities and Services’
are also stronger in these new neighbourhoods.
19
Waterfront Toronto. (2012). Waterfront Toronto. Retrieved from:
http://www.waterfrontoronto.ca/. Accessed 2012 February 3.
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