Toronto City Council has overwhelmingly approved Waterfront Toronto's selection of premier international real estate firm Hines to develop a prominent waterfront site minutes from downtown. The sale and lease agreements for the city-owned parcel were brought to City Council on the recommendation of Waterfront Toronto following a competitive two-stage bidding process.
The Hines plan will transform the Bayside development site into an active and diverse mixed-use community connected by major parks and public spaces. Complete with 1,700 homes, a bustling main street and office and employment space for 2,400 jobs, Bayside is the single largest parcel of land to be developed by Waterfront Toronto.
"Today's approval is a huge milestone not only for waterfront revitalization but for the City of Toronto," said John Campbell, President and CEO of Waterfront Toronto. "With Hines, we can now move forward with reconnecting the city to the waterfront by building a liveable, walkable, community defined by beautiful parks and public spaces."
Backed by an CA $800 million private sector investment, the Bayside development will result in approximately CA $1.6 billion in total economic activity and CA $20 million in development charges for the City of Toronto. To promote lasting economic development, Bayside is being targeted as an employment hub on the waterfront, particularly for knowledge-based industries such as information and communication technology companies and the creative sector.