Last June, we submitted our proposal for Toronto’s eastern waterfront to Waterfront Toronto. The 1,524-page document reflected 18 months of work and feedback from tens of thousands of Torontonians and hundreds of public officials.
The proposal represents our best thinking to date on the path to creating the most innovative place in the world, right here in Toronto. Our proposal was bold, but it was also a draft— subject to additional public consultations, further refinement, and government approvals.
We have now worked through, together with Waterfront Toronto, a number of key issues, including:
- Project scope: The project will begin at Quayside and we believe we can achieve many of our shared objectives with Waterfront Toronto at this scale. Our alignment with Waterfront Toronto recognizes the potential for expanding our ideas to a larger geography such as Villiers West if the Quayside project is successful.
- Innovation Plan: Instead of creating an IDEA district, we will work with Waterfront Toronto to create an Innovation Plan to advance any regulatory changes required to achieve our shared goals for the project.
- Rapid transit: While Waterfront Toronto does not have jurisdiction over the approval of capital funding for public transit, Waterfront Toronto will continue to support and advocate for a higher-order transit solution, to sufficiently serve the project.
- Data Governance: Waterfront Toronto will lead all privacy and digital governance matters related to the project and will act as the lead in discussions with the City, the Province, the Federal government and Privacy Commissioners. We are committed to complying with all existing policies, and are prepared to comply with any future policies.
- Land Value: Through in-depth discussions with Waterfront Toronto we have come to an agreement on a fair market value of Quayside of $590 million. This is before accounting for investments that will be required to achieve Waterfront Toronto’s objectives.
Waterfront Toronto will now conduct a formal, comprehensive evaluation as well as further public consultations on the proposal. We will continue to work collaboratively with them to move this important project forward.
We continue to be excited about the potential to implement a vision that shortens commute times, makes housing more affordable, creates new jobs, and set a new standard for a healthier planet.