The governments of Canada, Ontario and Toronto are together investing a total of $1.185 billion in Waterfront Toronto. The funding will go towards projects like Toronto Port Lands Flood Protection to help protect from the risks associated with climate change.
The funding, which includes $384 million from the Government of Canada, and over $400 million each from the Government of Ontario and the City of Toronto, will help protect the region against flooding and lay the groundwork to transform the industrial area into a vibrant downtown neighbourhood.
The Port Lands Flood Protection project will take approximately seven years to complete and will be completed by Waterfront Toronto, a public development corporation established in 2001 by all three levels of government to lead the revitalization of Toronto’s waterfront.
In the last decade, global warming has resulted in an increased amount of flooding in urban areas. The project will provide critical flood protection through the creation of a naturalized mouth for the Don River. It will also help clean up contaminated soil, make developable land available, and establish new aquatic habitats and wetlands that support native species.
These changes will help support the government effort to transform the Port Lands into new mixed-use communities with residential and commercial development, including affordable housing, all to be surrounded by parks and green space.
“Port Lands Flood Protection is a key Council priority and part of the City’s vision for a vibrant, clean Toronto waterfront,” said John Tory, Mayor of Toronto, in a press release. “The major investment that all three orders of government are announcing today will unlock the potential of underutilized waterfront lands, protect the area from flooding and support Toronto’s long-term growth by creating new parks, natural areas, and mixed-use neighbourhoods – new places to live, work and play. Toronto is unique among North American cities to have such an asset on the doorstep of its downtown.”