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Public Realm Strategy 2018-2023

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Public Realm Strategy 2018-2023 A PUBLIC REALM STRATEGY FOR TORONTO’S FINANCIAL DISTRICT 2018 – 2023 RAISING THE STANDARD TABLE OF CONTENTS 1 Executive Summary and Key Recommendations 1 2 The Core of Opportunity and Success 3 3 Public Realm Investment to Support Economic Growth 5 4 A Resilient Financial District 8 5 Principles 10 6 Key Areas for Improvement 11 7 Distinct Characteristics of the Area 12 8 Operational Considerations of the Area 17 9 Public Realm Projects 20 Leveraging Planned and Scheduled Activity 21 Project Development 23 Time-specific Projects 23 Areawide Projects 23 Overview of Streets 24 Cloud Gardens Park 33 10 Applying the Highest Quality City Standards 34 Sidewalks 35 Trees 38 Lighting 39 Bicycle Parking 39 Street Furniture 41 Wayfinding 42 A District-wide Approach to Safety and Security 44 Additional Streetscape Elements 45 11 Public Works and Construction 47 12 Maintenance 47 13 Implementation 48 14 Acknowledgements 49 15 Board of Management and Staff 52 16 Works Cited and Photo Credits 53 17 Appendix A: Completed Public Realm Improvements 2013 – 2018 57 18 Appendix B: Project Development Checklist 59 19 Appendix C: Summary of Streetscape Recommendations 60 20 Appendix D: Recommended Streetscape Details 67 RAISING THE STANDARD B ABOUT THIS REPORT This strategy is a comprehensive update of the Toronto Financial District BIA’s original public realm strategy Raising the Standard that was completed in 2013. It summarizes the functional and aesthetic state of the public realm in the Financial District and highlights updated best practices and key areas for improvement. This update also includes an overview of public realm improvements completed to date, as well as an outline of future improvements based on the City of Toronto’s Five-Year Capital Plan. The Toronto Financial District BIA will continue to lead a collaborative effort to ensure implementation of the highest City standards in the public realm. As such, this strategy is a living document and will be reviewed and updated on an annual basis. ABOUT THIS REPORT RAISING THE STANDARD C ABOUT THE TORONTO FINANCIAL DISTRICT BIA The Toronto Financial District Business Improvement Area (BIA) represents Toronto’s premier business centre, an area that includes Union Station, the PATH underground walkway and Canada’s five major banks and most prominent firms. With a mandate to promote economic development in the area, initiatives include improving public spaces, showcasing daily activity of our thriving businesses at www.MyTOFD.com and @MyTOFD, and identifying collaborative opportunities that ensure the Financial District and PATH are well-maintained, integrated, connected and accessible. ABOUT THE TORONTO FINANCIAL DISTRICT BIA RAISING THE STANDARD D EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS As Canada’s premier economic centre and a global financial presence, the Financial District is Toronto’s public face to the world. The area showcases Canada’s most prominent office towers and is home to world-class architecture and design. A consistent planning approach is taken to effectively manage a wide array of materials and state of good repair. A TOOL TO RAISE STANDARDS PUBLIC REALM This strategy provides a comprehensive update on the functional and aesthetic state of the All publicly accessible physical public realm in the Financial District and highlights best practices and areas for improvement. space between buildings, including The Toronto Financial District BIA will continue to lead a collaborative effort to improve sidewalks, roads, laneways, parks, the standards of the public realm. This strategy will be circulated to key organizations involved and open spaces. In the Financial in developing the area. District, this includes the primarily privately owned and maintained INVESTING IN TORONTO’S FUTURE PATH underground walkway. Toronto’s Financial District is a worldwide competitor and an economic generator for the city. The 15 square blocks of the Financial District make up less than 0.1% of Toronto’s land, but generate 5% of its property tax revenue and 16% of its jobs. In 2018, Toronto was ranked 7th in the world, and 2nd in the Americas, on the Global Financial Centres Index. A well-functioning and active public realm fosters an increased perception of order and security and has been proven to generate returns in the form of higher property values and tax revenues, reduced vacancy rates, increased employee retention, improved transportation flow and a safer, healthier environment. This updated public realm strategy outlines continued investment and improvements in the Financial District to ensure it remains a world class competitor and key contributor to Toronto’s future. AN EVIDENCE-BASED APPROACH TO IMPROVEMENTS KEY RECOMMENDATION 1 In 2012, the Toronto Financial District BIA conducted a thorough analysis of the state of its public The City of Toronto must allocate realm. An asset inventory was created to track and audit the state of all public elements on the street, capital budgets to support bringing from poles and trees to sidewalk conditions and newspaper boxes. The asset inventory demonstrated the Financial District’s public realm that publicly owned and managed streets and spaces were in poor condition. In contrast, adjacent to the highest-quality City standard private owners invest heavily in high-quality standards and finishes, making the public infrastructure as outlined in this strategy. look worse by comparison. The information collected led to extensive consultations with City officials and staff, neighbouring KEY RECOMMENDATION 2 BIAs, building management teams and members of the public to inform the Toronto Financial Capital improvements must also District BIA’s 2013 public realm strategy, Raising the Standard. address the unique operational In the past five years, the Toronto Financial District BIA has worked with the City and stake- requirements of the Financial District holders to leverage opportunities for public realm improvements, making significant progress on a to support future employment number of key streets. An overview of public realm improvements completed to date (Appendix A) growth and private investment. and an outline of planned future improvements (Appendix C) is included in this strategy. KEY RECOMMENDATION 3 A COLLABORATIVE RETURN ON INVESTMENT There must be coordination well in For a maximum return on public realm investments, it is critical that a collaborative, long-term advance of large, multi-stakeholder planning approach is utilized by the City, property owners and other area stakeholders. Capital projects to ensure minimal disruption works projects must be leveraged to improve operations and aesthetics of the area simultaneously. of operations and maximum return A disciplined application of the City’s highest standards must be applied to complement the years on investment. of investment made by the private sector. With the Toronto Financial District BIA as the ongoing coordinator for the area, the approach outlined here will continue to produce a consistent public realm that addresses operational and environmental concerns, supports employment growth and increases Toronto’s pride of place as a world-class financial centre. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS RAISING THE STANDARD 1 FIGUREFIGURE 11 TORONTO FINANCIALFINANCIAL DISTRICT DISTRICT BIA BIA BOUNDARIES BOUNDARIES NATHAN PHILLIPS SQUARE OLD CITY HALL TORONTO DOWNTOWN EATON CENTRE YONGE BIA JAMES STREET OSGOODE STATION QUEEN STREET WEST QUEEN STATION QUEEN FOUR SEASONS SHERATON CENTRE SIMPSON THE HUDSON’S BAY WEST BIA CENTRE FOR THE PERFORMING ARTS TORONTO HOTEL TOWER COMPANY VICTORY BUILDING RICHMOND STREET WEST HILTON CLOUD HOTEL INDX GARDENS CONDOS DINEEN BUILDING TEMPERANCE STREET RICHMOND- ADELAIDE BAY BAY CENTRE SHANGRI-LA EY ADELAIDE ADELAIDE HOTEL TOWER CENTRE CENTRE WEST EAST VICTORIA STREET SHEPPARD STREET ADELAIDE STREET WEST THE ST. REGIS 1 ADELAIDE TORONTO STREET EAST PEARL STREET FIRST CANADIAN PLACE SCOTIA PLAZA GRAND OPERA LANE 200 KING WEST 150 KING WEST EXCHANGE ROYAL TOWER BANK THE BANK OF BUILDING NOVA SCOTIA ST. ANDREW STATION KING STREET WEST KING STATION 145 KING 121 KING TD 1 KING NORTH TOWER WEST TORONTO WEST WEST JORDAN ST ENTERTAINMENT DISTRICT BIA TORONTO-DOMINION MELINDA ST CENTRE TD TORONTO-DOMINION DESIGN WEST BANK TOWER EXCHANGE COMMERCE TOWER COURT BAY STREET SIMCOE STREET EMILY ST AVENUE UNIVERSITY YORK STREET YONGE STREET WELLINGTON STREET BAY-WELLINGTON ST. LAWRENCE TD TOWER MARKET SOUTH TOWER NEIGHBOURHOOD BROOKFIELD PLACE BIA / OLD TOWN PIPER STREET ROYAL BANK PLAZA HOCKEY HALL OF FAME TD CANADA THE FAIRMONT ROYAL YORK HOTEL TRUST TOWER FRONT STREET WEST UP EXPRESS / SKYWALK UNION STATION GO BUS TERMINAL PATH TTC SUBWAY CITY PARK CONSTRUCTION SITE 18 BIA BOUNDARIES YONGE N CIBC SQUARE STREET RAILWAY CORRIDOR SHARED STREET 100 METRES scale is approximate PATH EXPANSION LAKE SHORE BOULEVARD ABOUT THE TORONTO FINANCIAL DISTRICT BIA RAISING THE STANDARD 2 THE CORE OF OPPORTUNITY AND SUCCESS TORONTO’S ECONOMIC GENERATOR Toronto’s Financial District is centrally located in downtown Toronto. The district is bounded by Lake Shore Boulevard to the south, Simcoe Street to the west, Victoria Street to the east and Queen Street to the north. The Financial District is the heart of Toronto’s financial services industry, as well as home to many of Toronto’s – and Canada’s – most prominent firms. The Toronto Financial District is Canada’s premier central business district and has the largest concentration of Class A office space in the country with more than 36 million square feet. 2 Though comprising only 0.1% of Toronto’s land area, 20% of the region’s office space 3 and approximately 16% of As the financial and commercial capital of Canada, Toronto has the city’s jobs 4 are located in the Financial District. a significant global presence. With high rankings from various studies examining indicators ranging from economic potential and human resources to technology, sustainability and livability, Toronto is acknowledged as one of the most competitive cities in the world. Toronto’s economy is largely driven by the financial services sector and is home to Canada’s five major banks and the third largest stock exchange in North America.
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