Why Vertical Growth Makes Sense: Some thoughts from Peter Kofman of Projectcore Inc.
By Lucas on Jan 17, 2014
Mirvish Enterprises, Gehry Partners and Projectcore Inc.
Take a stroll around downtown Toronto and you’ll see ample evidence of ‘intensification’ in action, in the form of completed gleaming new condo highrise towers and many more under construction.
Intensification, which mandates a “grow vertical, not grow out” approach in Toronto and area, was meant to curb suburban sprawl and concentrate higher density building around existing transportation corridors. With Toronto’s transit challenges, it only makes sense to locate people close to where they work.
But intensification presents more advantages than simply containing sprawl and using existing infrastructure, including transit systems.
An increasing number of people are valuing their time and don’t want to waste hours a day on lengthy commutes. They are embracing downtown living, where they can live, work, play and learn without having to travel long distances. While preserving our natural environment, the provincially mandated greenbelt surrounding Toronto also amplifies commute times from the surrounding suburbs. Maybe spending hours commuting is not conducive to a healthy lifestyle?
Other positive aspects of living downtown include being in a central location where one can walk everywhere with access to restaurants, entertainment, cultural amenities, shops and stores. Some key projects, such as the Mirvish+Gehry tower, will provide this complete lifestyle.
Mirvish Enterprises, Gehry Partners and Projectcore Inc.
More employers are realizing the way to find young talent and retain employees is to have offices downtown. The largest commercial construction boom since the 1980s is underway downtown and major companies including Coca Cola, Telus, Corus Entertainment, Apple and Google have moved downtown, recognizing that their intended workforce wants to live in the core.
With this growing trend to urbanization, it makes sense for the city to grow vertically, especially in downtown neighbourhoods. There is only so much ability to develop and create housing opportunities in the core, so tall buildings are the logical answer.
These highrise condos provide not only a multitude of ownership options for people who want to own a home, but provide much needed rental housing for renters and a revenue stream for investors.
Intensification has become much more than a government-mandated policy. New tall buildings are providing a desirable urban lifestyle for those who value their time, enjoy the convenience of having everything they need and desire close at hand, and want access to a multi-modal transportation network, including an evolving cycling infrastructure. Perhaps intensification of the downtown core is one solution to achieving a more balanced use of time and a healthier lifestyle.
Peter Kofman
President, Projectcore Inc.
