Though it was originally known as Bear Street, Bay Street officially got its name in 1797 because it connected to Lot Street (now Queen West) which led to a bay in Toronto Harbour. It took awhile for the Bay Street Corridor to be known as the centre of Canada's business district. It wasn't until the 1970s that Bay Street surpassed Montreal's St. James Street and succeeded it as business capital of the country. The Bay Street Corridor, specifically the intersection of King Street and Bay Street, has been home to some of the largest companies in Canada's most important sectors. At one time this intersection contained 4 of Canada's 5 major bank headquarters and later it was home to some of largest newspapers in the country. Today the Bay Street Corridor is a hub of industry and a swiftly-growing residential area. Condo development boomed during the 1990s and hasn't slowed down since.