TORONTO, July 31, 2018 /CNW/ – Today, Waterfront Toronto signed and released the Plan Development Agreement (PDA) with Sidewalk Labs, paving the way for an innovative waterfront community plan. The agreement defines and governs the relationship between the two organizations as they jointly create a Master Innovation and Development Plan (MIDP) focused on Quayside.
“We are excited to take this next step with Sidewalk Labs to set the stage for delivering a truly transformational project on the waterfront that addresses many critical urban issues faced by our City and other cities,” said Helen Burstyn, the Chair of Waterfront Toronto’s Board of Directors.
The PDA is the next step in planning the revitalization of Quayside, located at Lake Shore Boulevard East and Parliament Street in Toronto. It envisions a new kind of mixed-use, complete community by combining forward thinking urban design, new digital technology and other innovative solutions to create a neighbourhood that sets new standards for urban living while supporting Canada’s growing cleantech, construction and technology sectors.
The PDA sets out the planning and funding relationship between Waterfront Toronto and Sidewalk Labs, including a budget and joint oversight measures for spending the up to USD $50M commitment by Sidewalk Labs, outlines shared objectives and principles, and makes clear that there is no transfer of ownership or sale of land as a result of the agreement. The PDA replaces the October 2017 “Framework Agreement” between Waterfront Toronto and Sidewalk Labs, which was created as a preliminary document.
“The Plan Development Agreement was crafted to reflect the aspirational goals and ambitions we set out for Quayside when Waterfront Toronto issued its RFP last year,” said acting CEO Michael Nobrega. “A central goal was to serve the public interest and to lay the groundwork to achieve these goals in the Master Innovation and Development Plan. Our Board and management team took the time necessary to ensure that the agreement reflects both Waterfront Toronto’s enduring vision and mandate, and the aspirations we share with Sidewalk Labs for the transformational nature of the project.”
“The Plan Development Agreement is based on months of successful collaboration with Waterfront Toronto. This agreement defines goals, roles and responsibilities and will guide all of our work together as we develop a groundbreaking plan that aims to achieve new levels of sustainability, affordability, mobility, and economic opportunity,” added Josh Sirefman, Head of Development at Sidewalk Labs.
Key elements of the agreement include:
About Waterfront Toronto
Waterfront Toronto was established by the Government of Canada, the Province of Ontario and the City of Toronto in 2001 to oversee and lead the renewal of the city’s waterfront. Our mandate is to deliver a revitalized waterfront that brings together the most innovative approaches to sustainable urban development, excellence in urban design, real estate development, and leading technology infrastructure.
Working with the community, and with public and private-sector partners, Waterfront Toronto creates complete neighborhoods anchored by parks and public spaces, and diverse, sustainable, mixed-use communities that offer a high quality of life for residents, employees, and visitors alike. We are transforming the waterfront for the use and enjoyment of the people of Toronto, Ontario and Canada, to foster economic growth and to redefine how the city, province and country are perceived by the world.
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