A slew of new restaurants help bring Toronto’s financial district back to life

Toronto’s Financial District is back in business – especially on the restaurant front– as a slew of new places to wine and dine have opened their doors as of late. Seemingly overnight, the Financial District’s restaurants – once frequented almost exclusively by those who work in the neighbourhood’s towering office buildings – have become destinations in their own right, catering to a variety of backgrounds, vibes, and tastes. It’s a clear shift that’s headed in a delicious direction for the neighbourhood. 

Bay Street is back from the dead

It’s no secret that the Financial District took a major hit once the term “social distancing” became a familiar one in our collective vocabularies, as office buildings sat eerily empty and the PATH – the city’s once bustling underground network – was virtually a desolate ghost town. 

Things have clearly changed since those dark days, and the Financial District is certainly coming back to life. This couldn’t be more apparent than in the bustle of activity at its restaurants – from luxurious imports like Estiatorio Milos (which has spots in New York and Miami), to feel-good Canadian chains – that have opened post-pandemic.  

“More than a dozen new restaurants have opened in the Financial District in the past two years, including Black + Blue, CHOP Steakhouse, Estatoria Milos, JOEY, CKTL & Co., Restaurant Lucie, Local Adelaide, Alobar Downtown, Sushi Yugen, Aloette Bay, Frenchy, Daphne, Edna + Vita, The Lost Land, and TABLE Fare + Social elevated food hall,” says Amy Harrell, executive director of the Toronto Financial District BIA (FDBIA). 

That’s not all. “More restaurants are planned to open soon, including Marbl and Jacob’s Steakhouse,” Harrell continues. Both spots have roots in King West. Harrell says that in 2024 alone, more than 60 new businesses including retailers, food and beverage venues, and services have opened in the FDBIA’s boundaries, both at street level and in the PATH. While the sheer number of bodies in the offices and in the corridors of the PATH aren’t quite what they were five years ago, these spaces are alive and well – and it’s a misconception to think otherwise, says Harrell.   

“Contrary to popular belief, the PATH and the Financial District are not dead,” says Harrell. “More than 70% of workers downtown have returned to the office, with peak day rates at nearly 85%. TTC ridership at Union Station exceeds pre-pandemic levels by 8%. The Financial District is now home to some of the best dining options in the city, from casual to high-end experiences. We expect to see a continued increase in the vibrancy of the area as more people return to the office and are drawn to these new restaurants in the evenings and on weekends.”

A new normal in the Financial District

Let’s be honest: historically, the Financial District was never really known for its restaurant scene. “There were never restaurants in the financial district – it was all pubs,” said industry veteran Charles Khabouth, owner of sleek Financial District spot Daphne, which opened its doors in 2023. “Each building had a little pub. There wasn’t a history of restaurants. I used to have all the brokers and bankers come to my restaurants on Bloor and in Yorkville because there was nothing down there other than pubs. If they wanted to spend real money, they would come to restaurants outside the core. It wasn’t until the past few decades that that started to change. Canoe opened; Jump opened.”

For years, the Financial District was then characterized by a small handful of long-time, go-to restaurants. For example, a fancy client meeting meant a reservation at Canoe (located on the 54th floor of the TD Bank Tower) or drinks at Ki (located at the bottom of Brookfield Place), while Cactus Club (located in First Canadian Place) invited its guests to loosen their ties and ditch the blazers for an upscale casual vibe. 

“We brought Cactus Club Cafe to Toronto’s Financial District in October 2015,” says Ryan Hoyle, EVP, of Operations at Cactus Club Cafe. “At the time, no one was offering vibe-forward dining like Cactus. When our real estate team found an incredible location at the Financial District’s epicentre, we saw potential to tap into this huge dining market. Surrounded by Canada’s biggest companies, the city’s most prestigious hotels, and top-tier sporting and entertainment facilities, we dove head first into the area, working hard to become an area cornerstone, serving diners from lunch to late-night, seven days a week.”

While, like every other Toronto spot, Cactus Club had to inevitably pivot during the pandemic, it managed to weather the service industry storm. “Overnight, we made takeout and delivery a huge focus, which has had long-term impacts, with takeout now a significant segment of our business,” says Hoyle. “When outdoor dining was permitted, we modified our 200-seat retractable rooftop at First Canadian Place and had it open in -15C weather with the heaters cranked. Guests were stoked. We were offering an opportunity to dine and host our community, which is hugely important to us. On the other side of the pandemic, we learned so many lessons, our teams grew much closer, and we’re a better business delivering a better product because of it.” 

Talk about silver linings. That’s not to say that “business as usual” looks the same as pre-pandemic, says Hoyle. He says they’ve found a new normal in Toronto’s financial district. 

“The biggest difference is likely Fridays – they used to be the busiest lunch and Happy Hour of the week,” says Hoyle. “With so many people working remotely on Fridays nowadays, this business has shifted to mid-week, and our Tuesdays, Wednesdays, and Thursdays are full blast! With the change of the business demand, our management teams have worked tremendously hard to build a reputation with diners across the GTA and with out-of-town visitors to become a dining destination – which has helped us to really flourish during weekends.” Pre-pandemic, many Financial District spots were infamously dead on the weekends. 

The incentives

In our current climate, some landlords are turning to entice potential tenants with attractive incentives. “The influx of new restaurants and fine dining is indicative of how landlords are levelling up the amenities in their buildings as people return to the office,” says Harrell. “Additionally, the Financial District is attractive due to its central location and access to transit, as well as the proximity to entertainment venues including Scotiabank Arena, Rogers Centre, theatres and concert halls. We are experiencing more visitors using these restaurants as stopping points prior to events, as well as end-point destinations.”

Khabouth too says that one of the reasons we’re seeing a boom in restaurant openings is that landlords are driving them. “People exited the towers and they’re nowhere near full,” says Khabouth. “There’s still office real estate sitting empty. So, the landlords in the neighbourhood are trying to make the Financial District more exciting, inviting, and livelier. That’s one of the reasons for the boom.”

Khabouth says a landlord he knew invited him to open what would become Daphne. At first, he was skeptical of its location. Now, he’s the first to admit he’s surprised by the success of the Richmond Street hot spot. “It’s proven there’s enough traffic to fill these places,” he says.

Destination dining

Chop Steakhouse & Bar is one of the newest spots to open for business in the Financial District. Sitting at the corner of Adelaide and University, the elevated steakhouse is sophisticated, yet inviting, complete with a large central bar on the upper level that becomes a bustling scene for after-work drinks and snacks. This is the first downtown Toronto location for the Canadian chain.

“The Financial District is an iconic cornerstone of the city’s food and beverage scene, with a strong customer base and a collection of Toronto’s top restaurants, which help drive consistent high-volume traffic,” says Suhani Kapadia, Franchise Owner & General Manager, Chop Steakhouse & Bar Toronto Downtown of the decision to take over the sprawling real estate. “It’s an opportunity to open our very first flagship location in a high-profile area and collaborate with the likes of DesignAgency, an award-winning local interior design company that understands our vision, our brand, and the importance of creating a space that allows us to highlight the best.”

Kapadia says the opening also increased awareness of Chop Steakhouse & Bar. “This allows us to continue showcasing our reinvented perception of what a steakhouse should be,” says Kapadia.

Since its soft launch early this month, the place has become a quick success. Despite its large footprint, it remains full and lively. “We currently have over 280 5-star reviews on Google, which we are delighted to see, as it means that we have a lot of happy guests leaving and we’re getting to share those positive sentiments directly with management,” says Kapadia. She says sales are increasing daily, with the busiest days being Tuesday through Friday and DJ events Thursday through Saturday. “Happy Hour is growing with each day and becoming a financial district staple,” says Kapadia. 

While Chop Steakhouse & Bar may be a new one to Toronto, the beloved Alo brand isn’t. Chef and owner Patrick Kriss says the Financial District has long been part of the plan for the ever-expanding restaurant group before Alobar Downtown opened its doors at 150 York Street in Spring 2023. “We had been exploring opportunities in the Financial District well before the pandemic began,” says Kriss. “It wasn’t until 2022 that we found a space that felt like the perfect fit, and paired with the right team to bring it to life.”

Despite the obvious shift in the financial district post-COVID, Kriss remained confident that the region’s dwindling number of bodies in office and decline in foot traffic wouldn’t be an issue. 

“We’ve always been optimistic about business and especially about the human desire to gather, share great food, and connect,” says Kriss. “Waiting for the ‘perfect’ conditions, like a full return of office attendance, didn’t feel right to us. If we had waited for ideal circumstances, we might never have opened any of our places. Interestingly, while office attendance has posed some challenges, the greater hurdle has been ongoing construction downtown, which has affected travel to the restaurant and disrupted our patio for two consecutive summers.”

Still, Alobar Downtown has become a destination in itself, just like Kriss’s other spots. “While we’re grateful to welcome regulars from across our family of restaurants, we’re equally thrilled to have cultivated a loyal community of guests who visit us exclusively for the unique experience Alobar Downtown provides,” says Kriss. 

Nearby, Daphne too has become a destination spot – to the pleasant surprise of Khabouth. “I was always very reluctant,” reinforced Khabouth. “When you drive by at night, the minute it gets dark you could drive by and miss the whole restaurant. It’s like a ghost town. I kept standing outside, wondering who would come to this ghost town. What helped is the fact that we did a very, very cool European-forward design that nobody had seen before and a modern American menu filled with a bit of everything – pizza, steaks, salads, and raw items. The menu is easy for people to understand and the vibe is a comfortable one. Just being pretty isn’t enough.”

Despite his doubts, Daphne has proven to be very busy. In fact, Khabouth says Daphne has become one of INK Entertainment’s top three performing restaurants. “I personally tried to get a table for four close friends last night and had to call a manager to get them in on a Sunday night,” shares Khabouth. “We’re sold out seven days a week, lunch and dinner. We’re now entering 16 months; usually, if a restaurant isn’t performing, you’d see a massive difference after six to eight months. But it proves that, if you do something well, people will come to you.” 

While the city’s new financial district spots are slightly off the beaten path of the pre-concert or sporting event staples – people are willing to walk a few more blocks if it means fuelling up on one of the city’s best steaks, gourmet burgers, and expertly crafted cocktails. 

Power in numbers (no pun intended)

Hoyle says the influx of new restaurants in recent years continues to make the core a top dining destination. “With more restaurants come more diners,” he says. “It challenges us to stick to our roots and offer approachable, amazing hospitality experiences, while also evolving our menu and vibe to keep things fresh for our customers.”

Khabouth shares the sentiment.  “My understanding is that the restaurants in the area are generally doing very well,” says Khabouth – and this is a good thing for everyone. 

“The neighbourhood is booming – Milos, for example, is doing really well,” he continues, “It’s nice to be surrounded by neighbours who are also doing well. It’s not just about you. Your neighbours help create that energy in the neighbourhood. The better they do, the happier we are, because it makes the neighbourhood more of a destination. It’s all turning for the best and we’re happy to be part of that boom. I had my doubts about the location but I was wrong – it’s an amazing location.”