March 5, 2001 - Toronto's waterfront revitalization underway
with new waterfront corporation
and first projects totaling $300 million
Today, the City of Toronto and the Ontario and Federal Governments brought the most ambitious revitalization program in Toronto's history a step closer to completion. Joined by Federal Transport Minister and Minister responsible for the Greater Toronto Area David Collenette and Ontario Deputy Premier and Finance Minister Jim Flaherty, Mayor Mel Lastman announced that the three levels of government are committed to the creation of a Toronto Waterfront Revitalization Corporation to co-ordinate the revitalization of Toronto's 46-kilometre waterfront.
"We are making a historic contribution to the future of this city," said Mayor Mel Lastman. "Toronto's waterfront is going to be a magnificent gathering place once again."
Renewing Toronto's waterfront represents an investment in the future of Canada's largest city and an important means of achieving key environmental, housing, transit, transportation and economic objectives. The corporation, jointly supported by the three governments, will oversee all waterfront revitalization projects. Infrastructure and renewal projects will be funded from the $1.5 billion in waterfront redevelopment monies announced by Mayor Mel Lastman, Prime Minister Jean Chrétien and Premier Mike Harris in October 2000.
The four initial waterfront revitalization projects, worth approximately
$300 million, include:
- $170 million to extend Front Street west of Bathurst Street to Dufferin Street and the Gardiner Expressway
- $61 million to prepare the Port Lands district for cultural, recreational, residential and commercial uses
- $58 million for a second platform in Union Subway Station to relieve congestion for TTC and GO Transit riders and accommodate future passenger volumes
- $2 million for a formal environmental assessment of plans to transform the Don River mouth.
Mayor Lastman said, "We are cleaning up the Don River mouth, preparing the Port Lands for a second lease on life, and improving the flow of people through Union Subway Station and along a new Front Street corridor."
An intergovernmental agreement has been reached to proceed with the initial projects on a priority basis. At its meeting in April, Toronto City Council will be asked to formally endorse the Toronto Waterfront Revitalization Corporation and the four projects. A special review and approval process within the City is being recommended to ensure that the waterfront-related activities of the corporation and the City's businesses are co-ordinated. Tendering for the initial projects is expected to begin as early as this summer.
