Financial District | |
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Coordinates: 43°38′52.565″N79°22′54.308″W / 43.64793472°N 79.38175222°W | |
Country | Canada |
Province | Ontario |
City | Toronto |
The Financial District is the central business district of Downtown Toronto, Ontario, Canada. It was originally planned as New Town in 1796 as an extension of the Town of York (later the St. Lawrence Ward). [1] It is the main financial district in Toronto and is considered the heart of Canada's finance industry. It is bounded roughly by Queen Street West to the north, Yonge Street to the east, Front Street to the south, and University Avenue to the west, though many office towers in the downtown core have been and are being constructed outside this area, which will extend the general boundaries. Examples of this trend are the Telus Harbour, RBC Centre, and CIBC Square.
It is the most densely built-up area of Toronto, home to banking companies, corporate headquarters, high-powered legal and accounting firms, insurance companies and stockbrokers. In turn, the presence of so many decision-makers has brought advertising agencies and marketing companies. The banks have built large office towers, much of whose space is leased to these companies.
The bank towers and much else in Toronto's core are connected by a system of underground walkways, known as PATH, which is lined with retail establishments making the area one of Toronto's most important shopping districts. The vast majority of these stores are only open during weekdays during the business day when the financial district is populated. During the evenings and weekends, the walkways remain open but the area is almost deserted and most of the stores are closed.
It is estimated 100,000 commuters enter and leave the financial district each working day. Transport links are centred on Union Station at the south end of the financial district, which is the hub of the GO Transit system that provides commuter rail and bus links to Toronto's suburbs.
The district's origins date back to the mid to late-19th century when several early banks had head offices located in Toronto. Most of these banks were regional and came and went. It was not until the second half of the 20th century that the district became a centre for the Big Five Canadian banks.
Of the Big Five banks, only CIBC and Toronto-Dominion Bank (including the banks existing before mergers) had full head offices in Toronto: Among the Big Five banks, two of them were established in Toronto, the Canadian Imperial Bank of Commerce (CIBC), and Toronto-Dominion Bank (TD). CIBC was established in 1961 with the merger of two Toronto-based banks, the Canadian Bank of Commerce and the Imperial Bank of Canada; whereas TD was established in 1955 with the merger of two other Toronto-based banks, the Bank of Toronto and The Dominion Bank.
The other three Big Five banks were established outside of Ontario during the 19th century, and moved their headquarters to Toronto in the 20th century. Two of the banks, the Royal Bank of Canada (RBC) and Scotiabank, were established in Halifax. Scotiabank relocated to Toronto in 1931, while RBC relocated its head office to Montreal in 1907, and later to Toronto in 1976. The Bank of Montreal (BMO) was also established in Montreal, although the bank relocated its head offices to Toronto in 1975. While First Canadian Place in Toronto serves as BMO's operational headquarters or "executive offices," its legal head office remains in Montreal. [2] Similarly, Royal Bank Plaza maintains two headquarters in Montreal and Toronto, with RBC referring to Royal Bank Plaza in Toronto as its "corporate headquarters". [3]
In addition to major financial institutions, several Toronto-based law firms, most notably the Seven Sisters, have also based their offices in the Financial District.
The Toronto Financial District Business Improvement Area was later retained order to represent all commercial businesses within the district. The organization engages in streetscape improvements, addressing key issues that impact the area, and promoting the area's businesses online.
With much business activity and demand, there are new residential and condominium/towers built inside and around the edges, many of them are connected to the PATH system. In the southeast of the financial district, a new tunnel is under construction from Union Station to connect to Backstage Condo on Yonge and The-Esplanade.
Developments during the mid-20th century led to the demolition of several 19th and 20th Century buildings including:
Facade elements recovered from the demolition of the Toronto Star and Bank of Toronto Buildings are found at Guild Park and Gardens in Scarborough.
The following is a list of buildings in the Financial District over 200 metres (660 ft) in height.
Name | Image | Height m / ft | Floors | Year | Category | Notes |
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First Canadian Place | 298 / 978 | 72 | 1976 | Commercial |
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St. Regis Toronto | 277 / 908 | 57 | 2012 | Hotel & Residential |
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Scotia Plaza | 275 / 902 | 68 | 1988 | Commercial | ||
TD Canada Trust Tower | 261 / 856 | 53 | 1990 | Commercial |
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Commerce Court West | 239 / 784 | 57 | 1972 | Commercial |
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TD Bank Tower | 223 / 731 | 56 | 1967 | Commercial |
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Bay Adelaide Centre West Tower | 218 / 715 | 51 | 2009 | Commercial |
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Bay Wellington Tower | 208 / 682 | 49 | 1991 | Commercial |
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Other major skyscrapers and complexes in the financial district include:
Bay Street is a major thoroughfare in Downtown Toronto, Ontario, Canada. It is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial services industry since succeeding Montreal's St. James Street in that role in the 1970s.
Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD).
Royal Bank Plaza is a skyscraper in Toronto, Ontario, Canada that has served as the corporate headquarters for the Royal Bank of Canada since 1976. The building shares with the Fairmont Royal York Hotel the block in Toronto's financial district bordered by Bay, Front, York, and Wellington streets. It is owned by Pontegadea.
Path is a network of underground pedestrian tunnels, elevated walkways, and at-grade walkways connecting the office towers of Downtown Toronto, Ontario, Canada. It connects more than 70 buildings via 30 kilometres (19 mi) of tunnels, walkways, and shopping areas. According to Guinness World Records, Path is the largest underground shopping complex in the world, with 371,600 square metres (4,000,000 sq ft) of retail space which includes over 1,200 retail fronts (2016). As of 2016, over 200,000 residents and workers use the Path system daily with the number of private dwellings within walking distance at 30,115.
Place Ville Marie is a large office and shopping complex skyscraper in Downtown Montreal, Quebec, Canada, comprising four office buildings and an underground shopping plaza. The main building, 1 Place Ville Marie, was built in the International style in 1962 as the headquarters for the Royal Bank of Canada. While RBC's corporate headquarters and the majority of its management operations have been based in Toronto's Royal Bank Plaza since 1976, Place Ville Marie remains RBC's head office, a distinct title from its corporate headquarters. It is a 188 m (617 ft), 47-storey, cruciform office tower. The complex is a nexus for Montreal's Underground City, the world's busiest, with indoor access to over 1,600 businesses, numerous subway stations, a suburban transportation terminal, and tunnels extending throughout downtown. A counter-clockwise rotating beacon on the rooftop lights up at night, illuminating the surrounding sky with up to four white horizontal beams that can be seen as far as 50 kilometres (31 mi) away. This beacon is not considered as a NAVAID for aviation purposes.
CIBC Tower is a 187 m (614 ft) 45-storey skyscraper in Montreal, Quebec, Canada. The International Style office tower was built by Peter Dickinson, with associate architects Ross, Fish, Duschenes and Barrett, and was the city's tallest building from 1962 to 1963. The building holds offices for the Canadian Imperial Bank of Commerce, the corporate law firm Stikeman Elliott, the Canadian accounting firm MNP LLP, as well as numerous other businesses.
The Stock Exchange Tower is a 48-storey skyscraper in Montreal, Quebec, Canada. It is located at the intersection of Victoria Square and Saint Jacques Street in the International Quarter. It is connected by the underground city to the Square-Victoria-OACI Metro Station.
Commerce Court is an office building complex on King and Bay Streets in the financial district of Toronto, Ontario, Canada. The four-building complex is a mix of Art Deco, International, and early Modernism architectural styles. The office complex served as the corporate headquarters for the Canadian Imperial Bank of Commerce (CIBC) and its predecessor, the Canadian Bank of Commerce, from 1931 to 2021. Although CIBC relocated its headquarters to CIBC Square, the bank still maintains offices at Commerce Court.
Scotia Plaza is a commercial skyscraper in the city of Toronto, Ontario, Canada. Originally built to serve as the global headquarters of Canadian bank Scotiabank, it is in the financial district of the downtown core bordered by Yonge Street on the east, King Street West on the south, Bay Street on the west, and Adelaide Street West on the north. At 275 m (902 ft), Scotia Plaza is Canada's third tallest skyscraper and the 52nd tallest building in North America. It is connected to the PATH network, and contains 190,000 m2 (2,045,143 sq ft) of office space on 68 floors and 40 retail stores.
1250 René-Lévesque, formerly known as the "IBM-Marathon Tower," is Montreal's second tallest skyscraper, with a roof height of 199 meters, and a total height of 226.5 meters including the spire. The height definition follows the city’s National Building Code, which excludes decorative spires, whereas the international Council on Tall Buildings and Urban Habitat (CTBUH) includes it, making it Montreal’s tallest building.
Brookfield Place is an office complex in downtown Toronto, Ontario, Canada, comprising the 2.1 ha (5.2-acre) block bounded by Yonge Street, Wellington Street West, Bay Street, and Front Street. The complex contains 242,000 m2 (2,604,866 sq ft) of office space, and consists of two towers, Bay Wellington Tower and TD Canada Trust Tower, linked by the Allen Lambert Galleria. Brookfield Place is also the home of the Hockey Hall of Fame.
Trader's Bank Building is a 15-storey, 55.39 m (181.7 ft) early skyscraper, completed in 1906 at 67 Yonge Street in Toronto, Ontario, Canada. The building was designed by Carrère and Hastings, with construction beginning in 1905. It was the tallest building in the British Commonwealth until the Royal Liver Building was completed in 1911. It remains one of Canada's few surviving skyscrapers of the early 20th Century.
The Telus Tower is an office building at 630 René Lévesque Boulevard West in Montreal. It was built for Canadian Industries Limited from 1960 to 1962, given the name CIL House. Designed by architect Gordon Bunshaft from the architectural firm Skidmore, Owings and Merrill with local architects Greenspoon, Freedlander and Dunne, it stands 135.6 m (445 ft) and 34 storeys tall. In 1960, Bunshaft had recently completed his seminal work, Lever House in New York City.
The Royal Bank Tower is a skyscraper at 360 Saint-Jacques Street in Montreal, Quebec. The 22-storey 121 m (397 ft) neo-classical tower was designed by the firm of York and Sawyer with the bank's chief architect Sumner Godfrey Davenport of Montreal. Upon completion in 1928, it was the tallest building in the entire British Empire, the tallest structure in all of Canada and the first building in the city that was taller than Montréal's Notre-Dame Basilica built nearly a century before.
RBC Centre, also known as the RBC Dexia Building, is an office tower in Toronto, Ontario, Canada. Unlike the corporate offices of other Canadian financial institutions, the RBC Centre is outside of Toronto's Financial District. It has been owned and managed by Cadillac Fairview Corporation jointly with the Ontario Pension Board since 2012. The building is connected to the PATH.
Downtown Toronto is the main city centre of Toronto, Ontario, Canada. Located entirely within the district of Old Toronto, it is approximately 16.6 square kilometres in area, bounded by Bloor Street to the northeast and Dupont Street to the northwest, Lake Ontario to the south, the Don Valley to the east, and Bathurst Street to the west. It is also the home of the municipal government of Toronto and the Government of Ontario.
RBC Dominion Securities was the brand used by Royal Bank of Canada for full service brokerage services, primarily in Canada, and formed part of RBC's Wealth Management and Capital Markets divisions. Today, RBC Dominion Securities is known as RBC Capital Markets and RBC Wealth Management.
RBC WaterPark Place is an office complex designed by WZMH Architects and located at 88 Queens Quay West in Toronto, Canada.
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