The revitalization of Toronto's waterfront is a massive project that will take at least 25 to 30 year to complete. To be fiscally responsible and to ensure the commercial success of each individual project, Waterfront Toronto is taking a phased approach to revitalization.
The market place and the City can only absorb a limited amount of residential and commercial space each year, and flooding the market with 40,000 residential units and one million square meters of employment space in a short period of time would not be commercially viable.
Project development especially in the waterfront area is very complex and time intensive. Many people mistakenly think a project does not start until they see shovels in the ground. In fact, the pre-construction work usually takes more time than the actual construction.
We are revitalizing the waterfront and not just redeveloping it and we take a comprehensive planning approach to ensure the end result is a new blue edge where people will want to live, work, play, learn and visit.
Our projects undergo many steps before shovels actually break the ground for construction.
Waterfront Toronto oversees the construction of services and infrastructure and constructs parks and public spaces. For the development of buildings, Waterfront Toronto works with private and public sector development partners. Land is tendered competitively and development partners are chosen based on their ability to meet and deliver on a comprehensive list of criteria.
There are currently many fully and partially funded projects at various stages of planning and construction across the waterfront.