Toronto mayoral candidate John Tory has unveiled an ambitious plan to create a second business district in the city modelled after Canary Wharf in the U.K.

He made the announcement on Thursday in the East Don Lands, the site of the proposed development.

Tory said the plan would create 70,000 jobs and a new transit hub and involve private investment.

“These are the moments we must seize as a city,” Tory said.

“As your mayor, I will form a unique partnership with developers and investors, and work with city council to help maximize transit to create a new business hub. It’s time we start saying yes, as a city, to bold and ambitious projects.”

The proposal hinges on a rerouting of the Gardiner Expressway’s eastern section and building more transit links.

The Gardiner east of Cherry Street would be realigned south of the GO Transit tracks, continue east and loop up to the Don Valley Parkway.

The elevated part east of Cherry would be taken down and Lake Shore Boulevard would be connected to new streets, including an extended Broadview Avenue.

Click here for more on the plan.