Toronto Financial District BIA. Raising the Standard A Public Realm Strategy for Toronto s Financial District

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1 Toronto Financial District BIA Raising the Standard A Public Realm Strategy for Toronto s Financial District

2 A SHARED ASSET FOR TORONTO Toronto s Financial District occupies 0.1% of the city s land area, but generates 6% of total property taxes and 15% of jobs in Toronto. The Challenge? Despite its importance, Toronto s Financial District has never had a planning document to address its unique opportunities and challenges. The Public Realm Strategy was developed to address unique operational issues and improve the aesthetics in the Financial District public realm. Bay Street, the Financial District s main street, does not reflect the areas prominence as a world class financial centre. It will be improved in 2015 under the new strategy.

3 PROJECT DEVELOPMENT AND COLLABORATION Emphasis on collaboration with property managers to capture private projects into the Strategy. Working closely with neighbouring BIA s to capture existing Master Plans to ensure consistency across shared and intersecting streets. Unique approach to public consultations weekdays during business hours in high profile office buildings to capture a transient population. Worked closely with City staff and agencies including planning, transportation services, public realm, engineering and construction services, TTC, and Toronto Hydro. Consulted with 15 City Councilors from across Toronto, Scarborough, Etobicocke and North York.

4 FUNDING The Strategy was developed and completed in-house using staff expertise. Operating budget funds were allocated: $38,000 was used in 2013 to hire a communications consultant to design the strategy to ensure a highquality document advancing the BIA s brand. $7,500 was used in 2014 to update the Strategy to reflect changes in the City s capital plan, create a template that could be updated internally by Staff and develop additional renderings.

5 INNOVATION Raising the Standard is similar to a district master plan, but outlines public realm improvement projects that build off already approved projects in City of Toronto s five-year capital plan. The Strategy also utilizes already approved City standards to minimize approvals. This ensures maximum investment in the Financial District in relatively few years. City workers reconstructing King Street sidewalks as part of a capital improvement project.

6 INNOVATION Project Methods Uses already approved City standards. Undertakes projects in conjunction with major capital projects. Public Consultation The first time a public consultation in Toronto ever focused on Financial District stakeholders. The strategy leverages existing planned work York Street improvements will now be extended through the Financial District. Public consultation in the underground PATH network.

7 SUSTAINABILITY Operations and Materials Projects completed during existing City of Toronto capital projects make them less disruptive and more costefficient. Project planning now focuses on leveraging activity for greater improvements and coordination Materials and products used will be of high quality to ensure longevity

8 SUSTAINABILITY Transportation Promotes active transportation by adopting a complete streets approach.

9 SUSTAINABILITY Green Space Opportunity to strategically increase the tree canopy. Works to connect green spaces within the Financial District to those in surrounding neighbourhoods.

10 REPLICATION Raising the Standard can be adapted by organizations and cities attempting to make operational and aesthetic improvements in a neighbourhood.

11 IMPACT & OUTCOMES The first comprehensive plan for the Financial District, and is updated annually. Within one year of Strategy's approval, two projects progressed to construction and three projects are in detailed planning. Strategy is resilient to changes in capital programmed allowing the BIA to quickly capitalize on new projects. Highest City standards used for projects on 17 city streets, a public park, and other area-wide initiatives. Changed how public consultation process occurs in the Financial District. Greater awareness by the City of operational constraints. Resulted in greater understanding of the Financial District as an asset for all of Toronto.

12 PUBLIC REALM STRATEGY A copy of the entire strategy may be downloaded at the following URL: