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June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org.

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Presentation on theme: "June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org."— Presentation transcript:

1 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org International Downtown Association Conference Minneapolis, Minnesota September 21-24, 2012 The Value of Investing in Canadian Downtowns

2 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org ‘The Value of Investing in Canadian Downtowns’ study The first study of its kind. Designed to raise awareness and create an ongoing dialogue around downtown issues in Canada Aims to bring downtown stakeholders together across the nation Works to develop a body of high quality ‘downtown specific’ data Seeks to highlight the level of effort going toward downtown revitalization across Canada

3 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org ConnectivityArchitecture and Design Innovation & Venture Capital Diversity Sustainability Culture Heritage Public Realm What makes a downtown great?

4 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principles for a thriving downtown Measures downtowns against 5 principles: Visibility Visionary Prosperity Livability Strategy

5 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Study Areas

6 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Study Areas

7 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Canadian downtowns are enjoying a period of renaissance Canadian downtowns are: Moving in a positive direction Benefitting from innovative partnerships Adopting progressive approaches to urban development The subject of long terms plans and planning processes

8 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principle 1: Visibility Does the downtown play an integral role in the life of the wider city?

9 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org

10 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org

11 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principle 1: Visibility Does the downtown play an integral role in the life of the wider city? Downtowns are undergoing a renaissance Downtowns are iconic and powerful symbols for a city Downtowns may be physically small in area, but typically highly visible

12 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Toronto is crucial to the strength of the city and region Occupies 3% of the City’s land area but generates 25% of the City’s property tax revenue. Home of Canada’s largest stock exchange Strong concentration of historic and distinctive architecture Comprehensive range of cultural, educational, and retailing amenities and services Concentration of major infrastructure. Union Station is the busiest passenger transportation facility in Canada, with 65M passengers.

13 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principle 2: Visionary Does the downtown have strong leaders that collaborate to achieve a shared vision? A clear vision goes a long way Patience, Patience, Patience Downtown specific master plans are helping to shape and articulate downtown visions Implementation of downtown master plans must consider local circumstance Implementation efforts benefit from strong partnerships. Tracking and monitoring downtown achievement is invaluable.

14 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org HRMbyDesign has unlocked development potential downtown Unified stakeholders and created a positive dialogue around development. Strategic Urban Partnership has been established. Introduced heritage incentives and design guidelines. Brought certainty to application process, reduces application processing time from up to 3 years to 60 days. Helped unlock development potential in the core, more investment in the 3 years than the previous 20 years combined. Revitalization efforts are young and long term commitment will be required.

15 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Toronto does not have a specific master plan Downtown Toronto, is not subject to a single master plan, allows for local champions to emerge and diverse neighborhoods The size and diversity of Toronto’s downtown creates a need for innovative partnerships that are likely to remain viable and consistent across election cycles Just a handful of downtown Toronto’s many city builders:

16 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Residential development is bringing vitality back to downtowns Downtowns are retaining office space Downtowns have a strong concentration of jobs Principle 3: Prosperity Is the downtown’s economy robust and innovative?

17 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Edmonton has developed a formula to attract residential growth Proactive municipal investments to enhance the public realm (i.e upgraded streetscapes, plantings, and green spaces etc) and residential development has followed.

18 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Toronto has attracted high portions of new development

19 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Post-secondary institutions are transformational city builders

20 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtowns make a major contribution to the City’s bottom line

21 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principle 4: Livability Is the downtown vibrant, livable and connected Downtowns are experiencing positive population growth Downtowns are accommodating young, educated populations in smaller households Downtowns are providing a growing number of dwellings but are challenged with housing diversity and affordability Downtowns have to overcome perceptions and concerns over lack of safety

22 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Land use data can help identify development potential

23 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtowns have higher rates of walking and cycling

24 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown Toronto is becoming increasingly livable Loblaws at Maple Leaf Gardens Toronto Reference Library519 Church Street Community Centre Regent Park revitalization Waterfront Revitalization

25 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Principle 5: Strategy Is the City strategically investing in it’s future? Many new public investments in Canadian downtowns. Large investments grow confidence and increase profile of downtown. Smaller investments add up to be transformational. Tracking investments can build momentum behind revitalization efforts.

26 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Downtown investment must be ongoing DowntownYears Municipal Investment ($) London1998-2011$174M Vancouver2002-2010$149M Edmonton2002-2011$137M Saskatoon1998-2011$94M Fredericton2006-2010$84M Halifax2000-2014$34M

27 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Public investments in Downtown Toronto Redevelopment of Union Station Nathan Phillips Square Post secondary sector has made significant investment in the core i.e. U of T, Ryerson, George Brown Important investments in arts and culture i.e. AGO, ROM

28 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Innovative approaches to financing The Partnership in Saskatoon Collaboration between the City and the BID since the 1980s, sees money collected from parking meters being spent on streetscape upgrades in the downtown. Heritage Incentives in Victoria Heritage incentive have been highly successful in Victoria. Heavily leveraged by the private sector and led to significant investment in the downtown. Led to dramatic increases in downtown assessment values, that in effect pay back these grants over time

29 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Innovative approaches to financing RE-DO-IT Ottawa: Development charges waived in downtown Ottawa. Additionally: – Applications dealt with on a priority basis (90 days). – Parking standards and open space requirements relaxed. – City compiled a list of vacant sites with development potential. As a result, more than 6000 units built since 1994 $9.2M exempt since 2004, but increase in property taxes compensates for loss in less than four years. Program so successful at attracting growth that it has been discontinued.

30 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Melbourne, Australia Curbside cafes 1983 Collecting and visualizing data Source: Rob Adams, City of Melbourne

31 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Curbside cafes 1993 Source: Rob Adams, City of Melbourne

32 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Curbside cafes 2004 Source: Rob Adams, City of Melbourne

33 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org extent of bluestone paving in 1985 Source: Rob Adams, City of Melbourne

34 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org extent of bluestone paving in 2004 Source: Rob Adams, City of Melbourne

35 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org 1983 = 5 dwellings Source: Rob Adams, City of Melbourne

36 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org 1997 3,763 dwellings = 5 dwellings convenience store Source: Rob Adams, City of Melbourne

37 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org = 5 dwellings convenience store 2002 9,895 dwellings Source: Rob Adams, City of Melbourne

38 June 22 2012 The Value of Investing in Canadian Downtowns The Canadian Urban Institute 555 Richmond Street West, Suit 402 Toronto, M5V 3B1 www.canurb.org Contact Katherine Morton Senior Planner, Economics and Research email: kmorton@canurb.org phone: 416.365.0816 x280 fax : 416.365.0650 www.canurb.org


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