Officials say the three levels of government will spend $975 million to speed up the revitalization of Toronto’s waterfront and create more than 14,000 new homes in the area.
The Ontario government says the city, the province, and the federal government will each invest $325 million in the project.
It says the revitalization and building of new homes will include affordable rental housing and create an estimated 100,000 skilled trades jobs.
“As never before, cities are competing to attract investment, talent and tourism dollars,” said Jack Winberg, board chair of Waterfront Toronto.
“We’ve seen what can be accomplished when all orders of government work together to make the best of life and the best of Canada converge. We look forward to building upon our 25 years of transformative revitalization work by delivering the next phase of the waterfront in partnership with governments.”
The province says this is the next phase of the city waterfront’s ongoing transformation, building on a previous tri-government investment of $1.4 billion to protect the area from flooding.
Toronto Mayor Olivia Chow says the money from all levels of government will build “a vibrant waterfront for generations to come.”
“Today is a great day for Torontonians. The Waterfront Toronto partnership will revitalize our city and build more than 14,000 homes,” said Chow.
The province says site servicing work will begin shortly to prepare for a 2026 construction start date for new homes, with the goal of first occupancy by 2031.
With files from Lucas Casaletto of CityNews
