As we know, free space is scarce in Toronto’s downtown core. New condominiums, towers continue, and population are consistently on the rise, and space continues to diminish. This has forced city planners and developers to get creative with their upcoming projects. The latest projects involve innovative – and expensive – way of creating and revitalizing certain areas of the city.
New Land and Potential
In a previous article, we mentioned Toronto’s billion dollar plan build a new park over top of its railway corridor. While Torontonians are excited about the new land project just west of the CN Tower all the way up to Bathurst Street, there is another billion dollar project just to the east of downtown.
Like the Rail deck Park, The Lower Don River flood protection project plans to create new land in the Toronto downtown. This is by way of a 1.25 billion dollar commitment to repurposing, revitalizing and protecting Toronto’s Port Lands.
What is being proposed?
The Lower Don River flood protection project is a plan to transform the 715 acres in the Port Lands into developable land. Currently, the Port Lands are used primarily for recreation and are home to many abandoned factories. By rerouting the Don River, the section formerly
known for it’s industry, will be transformed into an “urban island”, called Villiers Island.
According to the Waterfront Toronto CEO, Will Fleissig, “Flood-protecting the Port Lands would unlock its great potential for development, for more parks, more public space, and providing room to support the city’s population and it’s job growth. This is a transformative opportunity for our city.”
It is expected that this project would create a brand new neighbourhood, attracting anywhere from 18,000 to 25,000 residents and over 25,000 jobs.
What are some of the time lines?
If this project continues to go as planned, we can expect the construction of the new river to be in full swing by 2013. That means any future condo developments becoming completed in the area would take place closer to 2020.
Current Toronto condo developments that will benefit
As the old saying goes, a rising tide raises all ships. This statement applies to the neighbourhoods surrounding the proposed development that stand to benefit. The immediate neighbourhoods affected by this revitalization projects are the Canary District, Riverside, and Leslieville. Current projects in the pre-construction phase are Home Condos, Harris Square Condos and the Logan Residences.
For more insight into planning and development in Toronto, and it’s implications on the future of condominiums in the city, stay tuned to the TalkCondo news section.