May 17,2006: Toronto 2010: The city in 3.5 years (Part I)
Category: Toronto 2010
Posted by: maven
 | Just yesterday the world was in an anxious state in anticipation of Y2K and now in just three and a half years we will be hitting the year 2010. And during that time Toronto has been changing from a city hidden in a cocoon to its maturity into a butterfly. A transformation has started. Over the past seven years, Canada is the only G7 nation to run seven consecutive surplus budgets, and is the only G7 nation to run a surplus in 2004 (Source). And Toronto as its financial capital has reaped the benefits of this economic boom. The city is growing and becoming denser. The city is undergoing an architectural renaissance not seen in 50 years. Derelict downtown lands are becoming commmunities (i.e. King West/Liberty Village), parking lots are being converted to towers, and the city is planning for bigger and better things. |
This is the first of a four part series examining what the city has planned for the year 2010. In particular we focus on the transformation that has started in the Hospitality/Hotel, Arts & Entertainment, Office/Retail and residential sectors of downtown Toronto.
Part 1 - Hospitality/Hotels
In 2010, Toronto will have four new 5-star hotels. Many believe that Toronto currently does not have any five star hotels. Toronto has the Royal York, Windsor Arms and King Edward which are currently amongst some of the most prestigious in the city, however internationally, they do not hold that five star recognition.
It never really mattered before, Canada being a rather frugal and economical place. And to be quite honest, most of us wouldn't have been able to tell the difference.
But as the population of Toronto grows, so does its economic base, and the reality that it brings a lot more wealthy people with difference tastes and needs, into Toronto.
Or at least, that is what some major players are thinking.
Enter the majors players: Trump, the Ritz, Four Seasons and Shangri-La.
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It is hard to fathom that in 3.5 years, Toronto will have gone from no 5-star hotels to four, not to mention the addition of four 50 story plus buildings bound to alter the Toronto skyline. Thousands of new hospitality jobs will be created, and the current hotel stock of supply will increase not just by the number of rooms being added but by the addition of a new product.
It should be noted the arrival of the five star hotels is not all fan fare. Many would advocate using any available land to be used for mixed income housing and others would be concerned about the imapct the height of these buildings pose to their neighbourhoods: long looming shadows and the altering of the neighbourhos architectural character(i.e. Yorkville).
Finally, in fairness although all these projects seem well underway, It is yet to be known that all these towers will be built as our past in Toronto has shown us, not everything that is proposed is delivered. But even if only one of the four is built, Toronto will cross the barrier into the five star hotel world.