October 2012

Metro Toronto Convention Centre: Update

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If you have been following the news in Toronto recently, you will know there's a lot being reported about possible real estate developments at the Metro Toronto Convention Centre and within walking distance of our premier facility. It can sometimes be difficult to discern fact from speculation, especially at the rate in which news is reported these days, but the intention of this update is to share our perspective on current and possibly emerging developments, and how the Convention Centre is moving forward amidst it all.

Existing downtown Toronto developments

The Front Street property in downtown Toronto is considered one of the most coveted locations in Canada and is one of the reasons the Metro Toronto Convention Centre has consistently led the country in convention sales. With consistent annual revenues of more than $55 million, the Convention Centre is the most profitable venue of its type in Canada. Long considered at the hub of downtown Toronto, there are many positive changes currently happening in and around the Convention Centre, enhancing our neighbourhood even more.

In fact, more than $2 billion is being infused into the area minutes from the Convention Centre, further increasing the marketability of this part of the city centre. The redevelopment of Union Station, Canada's busiest train station located just east of the Convention Centre will improve the commuter and visitor travel experience. Ripley's Aquarium of Canada is a fabulous new tourist attraction being built adjacent to the South Building at the base of the landmark CN Tower. Southcore, a new mixed-use complex that includes an office building and Delta Hotel, which opens in the fall of 2014, is just steps from the Convention Centre's South Building entrance, and directly linked by the PATH system to the Convention Centre. As well, a rail link between Pearson International Airport and Union Station has been given the green light with construction expected to be completed by the 2015 Pan American Games.

These advancements are all good news for the Convention Centre and offer even more reasons to consider Toronto as a business meeting and convention destination.

Emerging news

The convention industry is constantly evolving. We understand this and continually look for ways to improve our business to meet our clients' needs.

Oxford Properties, the firm that purchased the Metro Toronto Convention Centre's Front Street property a little over a year ago, is currently examining redevelopment scenarios for this parcel of land and last Friday released its $3 billion plan. The plans involve redeveloping the Convention Centre, adding a privately owned casino and hotel complex to the west (between John St. and Blue Jays Way), plus retail, commercial, residential space and an urban park.

At this point the plans for the Convention Centre are too preliminary to fully assess. According to Oxford Properties, its proposed plan is contingent on being awarded the casino. Right now there are several Toronto-area properties that have expressed interest in being the casino site. For now, it is wait and see. A decision is expected to be made by early 2013, the results of which will determine if the project will proceed or not. In any case, for construction projects of this magnitude, the planning and approval process will be many years before a shovel ever hits the ground.

The potential for a Toronto casino

We've been asked what our official position is regarding a casino potentially being part of a redevelopment plan here at the Convention Centre. Our response is straightforward: we respect the public process the city and province have initiated as to whether there will be a casino in Toronto or not and we will await the results of this process. We will not take a position in favour or against casinos. This is a decision for the citizens of Toronto and their elected officials and we acknowledge this.

As always, we want what is best for Toronto and its residents, and support an open, inclusive process. We look forward to working closely with Oxford Properties and a consortium of world-class architects who have extensive experience in large scale development projects. The Convention Centre will be sure to represent our clients' interests at that design table as we continually explore ways in which to ensure our clients have the best experience and that we are meeting their current needs.

As a Convention Centre, we have 72 years remaining on our 99-year lease for our current Front Street location. We look forward to serving you with the same client-focused care we've used since we opened our doors, hosting, since then, more than 54.6 million people at nearly 18,000 events.

Our success benefits all Ontarians

The success we realize as a business is to everyone's benefit. That's because the Metro Toronto Convention Centre was built 28 years ago for the precise purpose of making downtown Toronto a convention and tradeshow destination for Canadian and international organizations. For example, in our three decades, through the convention and tradeshow business we've drawn to Toronto, the Convention Centre has generated a total economic impact of $4.7 billion that has stimulated the local, regional and provincial economy, strengthening countless retail and tourist-based markets. Our events alone have generated the need for 7.3 million hotel rooms, a significant boon to our tourism partners.

Being a provincial crown corporation, direct revenue the Metro Toronto Convention Centre generates annually, is funnelled back in to the province of Ontario to help improve the lives of Ontarians. Being a profitable organization, we are pleased to be in position where each year we pay a significant dividend to the province. So, our continued success is everyone's business.

We've talked a lot about our location but it's more than this that keeps our clients coming back year after year, some already booking as far out as 2021. It's the people at the Convention Centre who have helped build our success through a deep-rooted commitment to client service. Our staff understand what it takes to excel in the service industry, evident in all that we do and is a very big reason the Convention Centre has continued to attract and retain business over the last three decades. In short, the Metro Toronto Convention Centre offers great service and an excellent location at a fair price. That's how we became number one in the country - and how we intend to keep your business.

It's an exciting time. As plans develop, we are certain there will be opportunities to take advantage of Toronto's continued growth as a business event destination. We will be sure to keep you abreast of our plans and the many upcoming Toronto milestones we hope will inspire people to hop on a flight here for a visit sooner than they were thinking.

We remain your partner in helping you create successful events.

Metro Toronto Convention Centre - 255 Front Street West, Toronto, Ontario M5V 2W6
www.mtccc.com