Waterfront Toronto says it has approved an agreement with two companies that will develop a swath of lakeside land a Google affiliate once hoped to turn into a high-tech neighbourhood.
The organization overseeing the city's waterfront says the agreement with Dream Unlimited Corp. and Great Gulf Group. to develop the 12-acre neighbourhood known as Quayside was endorsed Thursday.
The companies together known as Quayside Impact Limited Partnership say the neighbourhood they will develop will be Canada’s largest all-electric, zero-carbon master-planned community.
It will have more than 800 affordable housing units, with more than half being family-sized with at least two bedrooms.
Another 3.5 acres will feature a car-free green space stretching from Parliament Street to Bonnycastle Street and there will be a low-carbon development, including Canada’s largest tall-timber structure.
Waterfront Toronto's announcement comes after Google affiliate Sidewalk Labs walked away from developing the land in May 2020 because of “unprecedented economic uncertainty."