Waterfront Toronto announced it has begun negotiations with Dream Unlimited Corp. and Great Gulf Group for the development of Quayside in downtown Toronto. The announcement on Tuesday followed a competitive process in which four teams vied for the opportunity to transform the 12-acre site into a mixed-use community.
“The opportunity to develop Quayside with Waterfront Toronto is the perfect development at the perfect time,” said Michael Cooper, Chair, Quayside Impact Limited Partnership. “Dream and Great Gulf regard our activities in real estate as a canvas on which we can make our communities more inclusive, sustainable and healthier. With Quayside, Waterfront Toronto has created the greatest opportunity for impact development in the country, and we believe that the Partnership is ideally suited to deliver on this opportunity.”
The 12-acre site at the foot of Parliament Street and Lake Shore Boulevard East was formerly the site of docks and industrial buildings. Waterfront Toronto had been working with Google subsidiary, Sidewalk Labs, but plans were dropped two years ago over concerns related to privacy issues.
As per the winning submission from Dream and Great Gulf, the future Quayside community will include:
- 800+ affordable housing units, more than doubling the affordable housing currently there, with many delivered in earliest stages to address an urgent need;
- New public spaces, including a two-acre forested green space, plus a significant urban farm atop one of Canada’s largest residential mass timber buildings;
- A landmark cultural destination and multi-use arts venue that brings together space for the performing arts, Indigenous-centered cultural celebrations and flexible education spaces;
- Exemplary low-carbon development and innovations, making Quayside the first all-electric, zero-carbon community at this scale;
- World-class architecture that will raise the bar on design across the entire neighbourhood and create a visually striking focal point on Toronto’s waterfront.
“Today we take an important next step in unlocking the full potential of the city’s waterfront,” said Jack Winberg, chair of Waterfront Toronto’s Investment and Real Estate Committee (IREC). “Dream Unlimited and Great Gulf together with their team of architects and local partners have a strong proposal to make Quayside and Toronto’s waterfront among the best in the world. As we begin negotiations on a project agreement, we are more confident than ever in the transformative power of the Quayside project to the economic and social recovery of Toronto, Ontario, and Canada”
The project will be led by developers with a proven ability to deliver on their commitments, alongside world-class architects and expert local partners including The Bentway, Centre for Social Innovation, Crow’s Theatre, George Brown College, Rekai Centres and WoodGreen Community Services.
Five towers including one of Canada’s largest residential mass timber buildings are planned for the site, with an emphasis on family-sized units. A community care hub offering a range of programs and services to support aging-in-place, recreation and wellness for all residents, has also been tabled.
Moving forward, Waterfront Toronto and Quayside Impact Limited Partnership will negotiate a project agreement, which is expected to be completed by fall 2022.
