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The Corporation of The City of London
May 16, 2012

FOR IMMEDIATE RELEASE


National study praises London for strong vision and strategic investment in downtown

London’s downtown might be small in area but it is a big contributor to the city’s success. According to a new study about the value of investing in Canadian downtowns, London’s core occupies only .2 per cent of the city’s total area but contributes 9 per cent of the city’s property taxes. Despite its small land area London’s downtown is a major economic, social and cultural hub. London’s downtown is defined as the area between York and Kent and Colborne and Ridout.

The independent study, titled The Value of Investing in Canadian Downtowns, was conducted by the Canadian Urban Institute and released today in Ottawa. It examined 10 downtowns across Canada including Halifax, Fredericton, Ottawa, Toronto, London, Winnipeg, Saskatoon, Edmonton, Vancouver and Victoria. While the study is not intended to be comparative, it rates performance on five principles: visibility, visionary leadership, prosperity, liveability, strategic investment. London’s downtown is succeeding in all five areas.

Mayor Fontana was impressed with the number of London’s growth areas cited in the study. "This report sees the reality in London's downtown vision, and this independent view of the growth and expansion that's happening in the heart of our city will inspire us to keep moving in the right direction,” said Fontana. “Previous Councils made important investments in the core area and the benefits just keep coming. We must keep the momentum going - keep our eye on our goals.”

The first of its kind in Canada, the study provides benchmarks and clearly demonstrates the high rate of return on investing in downtowns. The report also shows that London is a leader in downtown revitalization:

  • London leads the other cities for downtown office space as a percentage of city-wide inventory. The study says downtown London contains 81 per cent of the city’s office space and is the only city in the study that has seen growth in this area.
     
  • London has a significant concentration of jobs in the downtown, with 303 jobs per hectare, second only to Ottawa with 318/ha. There are 30,000 workers in the downtown.
     
  • The residential population is also experiencing positive growth. Between 1996 and 2006, London’s downtown population grew by 37%, while the city’s overall growth was only 8%.
     
  • London was also commended for encouraging walking and transit use. Only 44% of downtown residents use their car to get to work compared to 73% city wide.
     
  • The study also praises London for making “bold and innovative” civic investments totalling $174 million to build the John Labatt Centre, Covent Garden Market, Convention Centre and Central Library that attract new users and residents.

“It's great to see our downtown reflected as a leader in Canada," explains James Yanchula, Manager – Urban Design for City of London. "The CUI report shows that investments made in Downtown London pay back big dividends of all kinds.”

“Clearly Downtowns are alive and well and London’s Downtown is punching above its weight. This report is proof that investing in downtown provides a very high rate of return,” states Janette MacDonald.