This is a very interesting one, and I hope the city works with feds/province to secure purchase of the Bay (which is also for sale with this property now) to put it under public ownership... The city has had to negotiate with the owner for years (most recently weeding to get rid of millfoil for example) which, as I understand has been less than ideal.
Some interesting backstory:
Frenchman's bay was purchased prior to confederation (1867), and has sat in private hands ever since. Yes, the physical bay and portion of shoreline is privately owned. Not completely comprehensive, but a few keys details
here.
In addition, council/mayor have indicated interest to obtain the Petticoat Conservation Area from the TRCA... I'm not clear as to why or if TRCA has expressed interest in selling (there are issues with the outdoor pool) and now there is option to secure the Bay as well.
There also have been resident groups forming online to outbid the 'foreign investors'... None of which we know actually exist, but I'm not certain why they don't simply work with the city to do so... To me, it sounds like just another private endeavour which leaves the majority of residents out decision making on the property... Even if this involves hundreds of local investors pooling their funds as one post claims.
As this would be quite the large expenditure for the city, I imagine external support will be needed, or at the very least amortized over a very long period... There are already many complaints about the possible double digit property tax hikes coming and I'm unsure there would be any public appetite to increase those costs any more...
My proposal is just to lump it all under the Rouge park and get fed support since the petticoat lands and Frenchman's are all connected (there's a small piece between bay and conservation area that the city also is looking to restore for waterfront connection). But... Of course I'm not sure there is
good enough reason to do so. Anyways, another letter to my local politicians is in order...