$975 million investment on Toronto’s Waterfront
Jan. 29, 2024
Global Korean Post
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Yesterday the Government of Canada, the Government of Ontario and the City of Toronto announced $975 million to accelerate the delivery of Waterfront Toronto’s revitalization plan. This plan will help create over 14,000 new homes, including affordable rental housing, along Toronto’s Waterfront at Quayside and Ookwemin Minising (formerly Villiers Island) setting the stage for future waterfront destinations. Once complete, this investment will create an estimated 100,000 skilled trades jobs on Toronto’s waterfront and add $13.2 billion to the economy.
This $975 million investment will make for a vibrant waterfront, for living, working, and playing. With the completion of Biidaasige Park, Toronto’s waterfront is on track to become a must-see destination and world class attraction that is expected to welcome over a million people a year.
To prepare for the construction of the new homes beginning in 2026, site servicing work will begin shortly with the goal of first occupancy in 2031. This is the first and most important step in delivering the critical infrastructure that is needed for housing. It represents the next phase of waterfront revitalization and builds on previous tri-government investments including the $1.4 billion Port Lands Flood Protection Project. Waterfront Toronto will continue as the revitalization lead for this work, and all governments are working together to extend its legislated mandate.
As in previous phases of waterfront revitalization, each order of government will contribute equally under the tri-government model. In this agreement that means:
- $325 million from the City of Toronto
- $325 million from the Province of Ontario
- $325 million from the Government of Canada
The Government of Canada is also investing an additional $200 million, to match earlier contributions from the Province of Ontario and the City of Toronto, to support the completion of the Broadview Eastern Flood Protection project.
by Global Korean Post
