$1.9B plan for Toronto’s Port Lands approved by mayor’s executive committee | CTVNews

http://www.ctvnews.ca/canada/1-9b-plan-for-toronto-s-port-lands-approved-by-mayor-s-executive-committee-1.950188#ixzz266GxwxuQ

$1.9B plan for Toronto’s Port Lands approved by mayor’s executive committee | CTVNews

Toronto Mayor Rob Ford’s executive committee has approved a 30-year revitalization plan for the Port Lands — a massive waterfront site east of the city.

The project will cost approximately $1.9 billion, with most of the funding coming from the private sector, land sales and development charges.

The site is located east of Cherry Street and south of Lake Shore Boulevard.

The project had initially been put on hold because the area needed to be protected from Don River flooding, which came with a $643-million price tag.

Officials have recently said that flood-proofing the area can be done for $130 million less than anticipated.

The plan — prepared by the city and Waterfront Toronto — envisions a neighbourhood with 8,700 housing units, office and retail space, and a 375-room hotel.

Advertisements

About this entry