It was recently announced that the City of London -- the historic town center and primary CBD of the region -- is aiming to create at least 1,500 new residential units in the Square Mile by 2030. Part of its strategy is to convert disused office buildings into residential. Currently, the City has about 7,850 residences, which is a drop in the bucket and whole lot smaller than its 19th century population of 125,000.
Tony Travers, director of LSE London, is quoted in FT saying that the City is really facing "twin challenges." You've got Brexit, which caused prime office cap rate rates to stagnate in the UK, and you've now got the whole work from home thing. Nobody really knows how this latter piece will fully shake out when it's all said and done, but we shouldn't forget the power of agglomeration economies. It's what powers cities.
Gensler - Brandon Donnelly
Calgary is another example of a city that is looking to encourage change. Last month
of Gensler who is quoted in the article talking about what makes for a suitable office conversion project.)
What's interesting about these announcements is that oftentimes cities cling to their non-residential spaces out of fear that once that supply gets converted it will never come back. That is certainly the case here in Toronto with its office replacement policies, although many years ago when downtown living wasn't nearly as cool, there was a similar push to encourage more residential development in the core. Looks like that idea worked.
We know that office space isn't going away. Zoom is an awful substitute for in-person interactions. People need to congregate (and tend to like doing it). Urban agglomeration economies drive innovation. Bigger cities with higher population densities tend to create more wealth for their inhabitants. So perhaps the takeaway from these announcements should be that, yeah, office space is vital, but it's okay to do a little rebalancing once in a while.
Earlier today Slate announced that King Street Food Company will be bringing a new Buca restaurant concept to the north west corner of Yonge + St. Clair in 2018.
Below is a rendering of the new podium design at 2 St. Clair West, which is where they’ll be going. The design/rendering is by Gensler (the same talented group that did Ravine Bench).
I have two quick announcements to make regarding Yonge + St. Clair in midtown Toronto.
The first is that Slate has just unveiled a new “ravine bench” at the northeast corner of the intersection.
Here’s a photo:
The corner is going to be transformed into a double-height space and the architecture is meant to express that feeling of grandeur at the intersection. There will also be an outdoor patio at grade.
We are all super excited about this.
If you would like to read the full press release, you can do that here.
Designed by Gensler (the same firm behind the renovation of 2 St. Clair Ave East), the design is all about celebrating both the sidewalk/public realm and the extraordinary ravines that cut through the area. Some people may not even be aware of these natural features, so perhaps this bench will help with that.
The second announcement is the launch of our Yonge + St. Clair Pop-up Store at 1470 Yonge Street. I know this is short notice, but the launch party is on Thursday, September 21 from 6 - 10pm (drop in whenever). That’s tonight if you’re reading this post via email subscription.
At the party we’ll be introducing 8 exclusive t-shirt designs from Toronto artist, Lucas Young. All of the tees will be screen-printed for you right on the spot and 50% of all proceeds from the opening night will be going to The Canadian Cancer Society.
Wine, beer, and snacks will be available. If you come find me at the party, I’ll give you some drink tickets. So if you’re around on Thursday night, come by for some drinks, a Toronto tee, and to check out the new ravine bench on Yonge Street.
