Waterfront Toronto took another step into the perilous business of neighbourhood creation last week when it announced that it had chosen real estate firm
Hines to develop its biggest site yet.
Located between Lower Sherbourne and Parliament streets south of Queens Quay, the site is owned by the city. The plan, which involves architects
Cesar Pelli and
Stanton Eckstut, will result in 1,700 homes, along with retail, entertainment and office space enough for 2,400 workers.
The plan is being presented to city council today and tomorrow, and if approved, the first occupancies are expected in 2014. The whole project is set for a 2021 completion.
"The Bayside development is another major step forward in the complete revitalization of our waterfront and it will be an integral part of East Bayfront, which is already taking shape into a showcase 21st-century community," says John Campbell, president and CEO of Waterfront Toronto, in a press release.
The development will trigger about $20 million in fees to the city, and is being backed by $800 million in private sector investment.
Writer: Bert Archer
Source: Samantha Gileno
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