110-year-old bank vault under Toronto once cracked Yonge Street in half

At the busy corner of King and Yonge in Toronto, you’d never know that below you is a giant historical vault that’s made it to movie screens internationally.

The vast One King West building stands at that street corner, and while today it serves as a busy hotel and residence, it was once the Dominion Bank Building, which housed the largest and most secure bank vault in all of Canada.

You may not be able to take care of your banking needs at One King West anymore, but you can visit the 40-tonne vault.

Walk into the grand lobby of the hotel and follow the stairs straight down. There, you’ll find the giant structure, fascinating to see up close, and with a backstory (like how it cracked Yonge Street in half) unlike anything you’ve heard.

The Origin: England, 1913

Believe it or not, the Vault came before the bank building did. Saurabh Mehta, General Manager of the One King West Hotel and Residence, explained that the bank, which would eventually become the hotel, was built around the vault and that getting it here was no easy feat.

“So the Vault originally came from England in 1913, brought up by ships to the harbour here in Toronto and then carried up Yonge Street to King by 19 horses and eight men. It literally cracked Yonge Street right in half, which at the time wasn’t so great,” Mehta laughed.

Getting the Vault to Toronto the way it did was considered an extraordinary logistical feat at the time, but it was important to have a secure place in Canada to store very large sums of money during an era when bank robberies were on the rise.

Safety measures were at the top of mind when designing the Vault, so much so that there was storage three stories under the ground that no one knew about, where the money and gold could be hidden.

“The Vault we see today in front of us was the safety deposit box storage, a PR stunt to show everyone that their valuables will be safe in this brand-new state-of-the-art vault with a gigantic door, no one will break in!” Mehta shared. “The real gold and the real money was actually below them.”

Mehta also told us that despite weighing 40 tonnes and cracking Yonge Street in half, the 4.5-foot-thick steel door of the structure can be moved effortlessly with just a single finger once it’s opened because of how well it was designed.

The Dominion Bank was eventually built around the Vault one year later in 1914. The architectural firm Darling and Pearson designed the building “in the Beaux-Arts style.” This style was known for showcasing grandeur, classical proportions and exquisite craftsmanship.

The Vault: Toronto, 2000s

So, what do you do with a massive vault once a bank turns into a hotel and residence? You preserve it.

In the early 2000s, the Dominion Bank Building went under development to turn into a 51-story glass condominium tower. Once completed in 2005, the transformed structure stood at 578 feet tall, becoming one of Canada’s tallest residential buildings.

“Today, the Vault remains in the same place and we use it for weddings, special gatherings and even big parties,” Mehta explained. Because of the vintage look, it’s a popular place for wedding photos and even serves as a backdrop for movies.

The gold paint that visitors can see around the colossal door was done for the movie Oceans 8, as the film used the Vault to represent the Tiffanies’ Vault in New York City.

When I asked if something were to ever happen to the Vault, such as the door breaking down, what the cost would be. Mehta’s response? “We pray every single time we open and close it because I do not even want to know the number of the cost or if it would even be possible to fix.”

One King West wants to do even more with the space, and according to Mehta, they have some big plans.

“There used to be a bar down there back in the day and there still is a plan, even today, we’ve talked about a revamp of the space for a bespoke bar experience, it would very much fit the vibe.”

Go see the Vault for yourself if you’re in the area, it’s a little (okay, massive) slice of Toronto’s history.

The Vault at One King West Hotel and Residence is located at 1 King Street West.