Toronto's Financial District could become a new hotspot for street festivals in the coming years thanks to a facelift currently transforming Temperance Street.

The short stretch of Temperance between Yonge and Bay Streets is currently a flurry of construction activity as work crews wrap up a redesign of the block that promises to draw in future festivals and gatherings.

Temperance Street's makeover comes on the heels of the completion of a third and final tower at the Bay Adelaide Centre complex that lines both sides of the street, which has been constructed in phases since 2006.

After almost two decades of construction activity along Temperance Street, the final phase's recent completion is finally providing the opportunity to rebuild the road and other public infrastructure, including the Cloud Gardens park which has been closed for construction since 2018.

Work on Temperance Street is in the process of transforming it into a flexible, shared street that prioritizes pedestrians and events over car use.

To accomplish this, the pay-and-display on-street parking on the north side of the street has been removed, the road has been repaved in classy pavers rather than boring asphalt, and sidewalks have been expanded to support pedestrian flow and future street-level outdoor cafes.

Enhanced streetscapes for Temperance Street are being funded through Section 37 contributions sourced from surrounding developments, including the Bay Adelaide Centre.

Work also continues on rebuilding the Cloud Gardens Conservatory. According to the City, "The Conservatory is closed until late 2024 due to planned restoration work," adding that "stairs, ramps and terraces will remain closed until restoration work is completed."

Together with spillover space provided by Cloud Gardens to the north and Arnell Plaza to the south, this redesigned Temperance Street has the potential to host large festivals and gatherings in the years to come, giving the Financial District a new focal point for pedestrian life.