Waterfront Toronto has named two companies that will develop a swath of lakeside land a Google affiliate once hoped to turn into a high-tech neighbourhood.

The organization overseeing the city’s waterfront announced Tuesday that it will begin negotiations for the development named Quayside with Dream Unlimited Corp. and Great Gulf Group.

The companies intend to bring 800 affordable housing units and a nearly one-hectare forested green space with an urban farm sitting atop a residential mass timber building to the five-hectare site in downtown Toronto.

They will also build an arts venue on the land and kit out the property with low-carbon innovations meant to make Quayside the first all-electric, zero-carbon community at this scale.

“We set out to make Quayside the kind of community that meaningfully improves the lives of its residents, neighbours and visitors,” said George Zegarac, Waterfront Toronto’s president and chief executive, in a news release.

“The proposal from Dream and Great Gulf will make a real difference in the lives of those who live near the waterfront or come to visit, by creating affordable rental housing, extensive public spaces, and new jobs and business opportunities.”

Waterfront Toronto said that Dream Unlimited and Great Gulf beat out four other teams vying for the opportunity to transform the land.

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