There’s big news on Toronto’s quest to revamp its waterfront.
Today, Waterfront Toronto named two companies that will transform Quayside; a coveted swath of lakeside real estate that Google’s Sidewalk Labs had once hoped to turn into a high-tech, uber-connected neighbourhood.
Waterfront Toronto says it will start negotiations for the Quayside development with Dream Unlimited Corp. and Great Gulf Group. The developers beat out four teams with hopes to transform the buzz-worthy land.
Dream/Great Gulf was selected after a competitive process that saw 4 teams vying for the opportunity to transform Quayside and help unlock the full potential of Toronto’s waterfront. Next step is negotiating a project agreement.
— Waterfront Toronto (@WaterfrontTO) February 15, 2022
The developers are set to redevelop the 12-acre site, adding 800 affordable housing units, an arts venue, and a two-acre forested green space with an urban farm sitting atop a residential mass timber building. The forward-thinking redevelopment will make Quayside the first all-electric, zero-carbon community at this scale.
The announcement comes nearly two years after Sidewalk Labs pulled out from developing the land, citing “unprecedented economic uncertainty.”
Waterfront Toronto says it expects negotiations to be complete by fall 2022. So far, there’s no public timeline on the expected completion of this vibrant new neighbourhood.
In other waterfront news, the City launched the second construction phase of the Bathurst Quay Neighbourhood Plan (BQNP) in November.
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