Today, the Government of Canada, Province of Ontario, and City of Toronto announced a $975 million commitment to accelerate the next phase of Toronto's Waterfront revitalization. The investment supports plans to deliver over 14,000 new homes, including affordable rentals, at Quayside and Ookwemin Minising, the latter previously known as Villiers Island. Alongside its housing focus, the funding aims to stimulate economic growth by creating tens of thousands of jobs and significantly contributing to Toronto’s economy.
Each level of government is contributing $325 million, continuing a tri-government funding approach that previously supported the $1.4 billion Port Lands Flood Protection project, which laid the foundation for new developments in the area. The federal government has also allocated $200 million to match prior investments by the City and Province. This was aimed at completing the Broadview Eastern Flood Protection project for the necessary infrastructure to support the ambitious housing and community-building goals.
“Today is a great day for Torontonians,” remarked Mayor Olivia Chow. “With investments from all three levels of government, this partnership will build a new neighbourhood and a vibrant waterfront for generations to come.”
A conceptual rendering released by Waterfront Toronto provides an aerial perspective of the revitalized area, seen below:
Conceptual rendering of the future development on Ookwemin Minising, looking west, image courtesy of Waterfront Toronto
More than 14,000 homes are planned, with a portion allocated for affordable rentals. The focus will be on Quayside and Ookwemin Minising, a planned island featuring parks, cultural spaces, and public amenities.
The project is expected to generate $13.2 billion for the economy while creating approximately 100,000 jobs in skilled trades. It is anticipated to drive opportunities in housing, infrastructure, and community spaces, with long-term benefits extending to tourism, commerce, and cultural activities.
“The Ontario government is proud to support the next steps in the historic revitalization of Toronto’s waterfront to create a new, vibrant, mixed-use community with more housing, jobs, world-class attractions, parks, and businesses,” shared Ontario Minister of Infrastructure Kinga Surma.
With 25 years of experience, Waterfront Toronto will oversee the project’s implementation to meet its ambitious goals. As the driving force behind this plan, the organization will oversee the development of housing, infrastructure, and community spaces, ensuring milestones are met. Past successes, such as the Port Lands Flood Protection project, highlight Waterfront Toronto’s ability to deliver large-scale initiatives in collaboration with all levels of government.
“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,” said Jack Winberg, Chair of Waterfront Toronto’s Board. “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.”
Site servicing is set to begin shortly, with housing construction planned for 2026 and first occupancy anticipated by 2031. UrbanToronto will report on the individual projects with the sites as more information becomes available. The Quayside project are much further along in the planning process, and can be explorer by clicking on the Quayside Master-Project link below, then scrolling down to all of the Sub-Projects listed on the Database File page which will open. If you'd like, you can join in on the conversation in the associated Project Forum threads, or leave a comment in the space provided on this page.
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