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FDBIA Financial District Public Realm Strategy - Executive Summary
- 1. A PUBLIC REALM STRATEGY FOR TORONTOS FINANCIAL DISTRICT RAISING THE STANDARD
- 2. RAISING THE STANDARD B TABLE OF CONTENTS 1 Executive Summary and Key Recommendations 1 2 About the Toronto Financial District BIA 2 3 The Core of Opportunity and Success 4 4 Public Realm Investment to Support Economic Growth 6 5 Principles 10 6 Process 11 7 Key Areas for Improvement 13 8 Distinct Characteristics of the Area 14 9 Operational Considerations of the Area 20 10 Public Realm Projects: 2013 2019 24 Leveraging Scheduled and Planned Activity 24 Project Development 24 Time-specifi c Projects 26 Additional Projects for Consideration 45 Area-wide Projects 53 11 Applying the Highest-quality City Standards 56 Sidewalks 56 Tree Standards 59 Lighting 61 Bicycle Parking 63 Street Furniture 63 Preferred Streetscape Furniture 63 A District Wide Approach to Safety and Security 63 Additional Elements 64 12 Public Works and Construction 66 13 Maintenance 67 14 Implementation 67 15 Acknowledgments 68 16 Works Cited 70 17 Photography Credits 72 18 APPENDICES 74 APPENDIX A Project Development Check-List 74 APPENDIX B Street Width 75 APPENDIX C Summary of Streetscape Recommendations 78 and Project Implementations APPENDIX D Recommended Streetscape Details 84
- 3. RAISING THE STANDARD 1 EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS As Canadas premier economic centre, and a growing global fi nancial presence, the Financial District is Torontos public face to the world. The area showcases Canadas most prominent offi ce towers and is home to world-class architecture and design. A close look also uncovers a wide array of materials and states of disrepair in an area that has never had a consistent planning approach. A TOOL TO RAISE STANDARDS This strategy summarizes the functional and aesthetic state of the public realm in the Financial District and highlights best practices and areas for improvement. The Toronto Financial District BIA aims to lead a collaborative effort to improve the standards of the public realm. Once approved by its board, this strategy will be circulated to key organizations involved in developing the area and will be presented to the City for endorsement. INVESTING IN TORONTOS FUTURE The importance of Torontos Financial District worldwide and as an economic generator for the city is readily apparent. The 15 square blocks of the Financial District make up less than 0.1% of Torontos land. In this footprint, the city generates 6% of its property tax revenue and 15% of its jobs. For the past two years, Toronto has been ranked the 7th most important fi nancial centre in the world by the Financial Times The Banker magazine. Investment in public realm and infrastructure improvements has been proven to generate returns in the form of higher property values and tax revenues, reduced vacancy rates, increased employee retention, improved transportation fl ow and a safer, healthier environment. A well-functioning and active public realm fosters an increased perception of order and security. Together we can improve the Financial District for the more than 200,000 employees and visitors here each day and improve the way Toronto presents itself to the world. ROOM FOR IMPROVEMENT In December 2012, the Toronto Financial District BIA began a thorough analysis of the state of its public realm. An asset inventory has been created to track the state of all public elements on the street, from poles and trees to sidewalk conditions and newspaper boxes. Extensive consultations have been made with City offi cials and staff, neighbouring BIAS, building management teams and members of the public. The asset inventory demonstrated that publicly owned and managed streets and spaces are in poor condition. In contrast, adjacent private owners have heavily invested in high-quality standards and fi nishes, making the public infrastructure look worse by comparison. A COLLABORATIVE RETURN ON INVESTMENT For a maximum return on public realm investments, it will be critical that a collaborative, long-term planning approach be utilized by the City, property owners and other area stakeholders. Capital works projects must be leveraged to improve operations and aesthetics of the area at the same time. A disciplined application of the Citys highest standards must be applied to complement the years of investment made by the private sector. With the Toronto Financial District BIA as a coordinator for the area, the approach outlined here will produce a public realm that addresses operational and environmental concerns, supports employment growth and increases Torontos pride of place as a world-class fi nancial centre. PUBLIC REALM All physical space from building-face to building-face, including sidewalks, roads, laneways, parks and open spaces. In the Financial District, this includes the primarily privately owned and maintained PATH underground walkway. KEY RECOMMENDATION 1 The City of Toronto must allocate capital budgets to support bringing the Financial Districts public realm to the highest City standard as outlined in this strategy. KEY RECOMMENDATION 2 Capital improvements must also address the unique operational requirements of the Financial District in an effort to support future employment growth and private investments.
- 4. RAISING THE STANDARD 2 ABOUT THE TORONTO FINANCIAL DISTRICT BIA The Toronto Financial District Business Improvement Area (BIA) represents Canadas premier business centre, an area that includes Union Station, the PATH underground walkway and Canadas fi ve major banks and most prominent fi rms. With a mandate to promote economic development in the area, the Toronto Financial District BIAs initiatives include developing and implementing a comprehensive public realm strategy for the Financial District, undertaking annual public realm improvements, showcasing the daily activity of our thriving businesses at TorontoFinancialDistrict.com and @MyTOFD, advocating for the needs of Financial District members and identifying collaborative opportunities that ensure the Financial District and PATH are well-maintained, integrated, connected and accessible.
- 5. 1 ADELAIDE STREET EAST RAISING THE STANDARD 3 NATHAN PHILLIPS SQUARE TORONTO TORONTO-DOMINION BANK TOWER ADELAIDE STREET WEST DESIGN EXCHANGE TD WEST TOWER TD NORTH TOWER TD SOUTH TOWER THE BANK OF NOVA SCOTIA EXCHANGE TOWER BAY-ADELAIDE CENTRE DINEEN BUILDING INDX CONDOS 100 ADELAIDE STREET WEST THE HUDSONS BAY COMPANY SIMPSON TOWER THE FAIRMONT ROYAL YORK HOTEL TRUMP INTERNATIONAL HOTEL FOUR SEASONS CENTRE FOR THE PERFORMING ARTS CLOUD GARDENS HILTON HOTEL SHERATON CENTRE TORONTO HOTEL SCOTIA PLAZA ROYAL BANK BUILDING FIRST CANADIAN PLACE SHANGRILA HOTEL SUN LIFE CENTRE SUN LIFE CENTRE STANDARD LIFE CENTRE ROYAL BANK PLAZA RICHMOND ADELAIDE CENTRE BROOKFIELD PLACE HOCKEY HALL OF FAME BAY-WELLINGTON TOWER TD CANADA TRUST TOWER 1 KING WEST EMILY STREET BAY STREET YONGE STREET WELLINGTON STREE T PIPER STREET FRONT STREET WEST PEARL STREET MELINDA ST JORDAN ST GRAND OPERA LANE COMMERCE COURT EATON CENTRE SHEPPARD STREET SKYWALK UNIVERSITY AVENUE TEMPERANCE STREET KING STREET WEST TORONTO-DOMINION CENTRE ST. ANDREW STATION QUEEN STATION YORK STREET VICTORY BUILDING 18 YONGE STREET BAY-ADELAIDE II LAKE SHORE BOULEVARD UNION STATION GO BUS TERMINAL RICHMOND STREET WEST VICTORIA STREET QUEEN STREET WEST SIMCOE STREET DOWNTOWN YONGE BIA QUEEN WEST BIA TORONTO ENTERTAINMENT DISTRICT BIA ST. LAWRENCE MARKET NEIGHBOROOD BIA / OLD TOWN OSGOODE STATION KING STATION FIGURE 1 TORONTO FINANCIAL DISTRICT BIA BOUNDARIES PATH TTC SUBWAY CITY PARK CONSTRUCTION SITE BIA BOUNDARIES RAILWAY CORRIDOR PATH EXPANSION ABOUT THE TORONTO FINANCIAL DISTRICT BIA N 100 METRES scale is approximate