WATERFRONT REVITALIZATION FACT SHEET

TORONTO, Oct 1 /CNW/ - In advance of next week's Mayoral debate on waterfront issues, Waterfront Toronto has prepared the following fact sheet about waterfront revitalization.

The debate, hosted by the York Quay and Bathurst Quay Neighbourhood Associations (YQNA and BQNA) will occur from 1-3 p.m. on Monday, Oct. 4 in the Brigantine Room at Harbourfront Centre. 

Waterfront Revitalization: Key Facts

• The revitalization of Toronto's waterfront is the largest urban revitalization project in North America.
• The 800 hectare (2,000 acre) designated waterfront area runs from Dowling Avenue in the west to Coxwell Avenue in the east.
• The area is roughly equal in size to Toronto's major downtown core from Bathurst Street to Sherbourne Street and Front Street to Bloor Street.
• The revitalization project is transforming largely neglected old industrial lands into vibrant mixed-use communities, beautiful parks and accessible public spaces.
• Expected to take 25 years and approximately $30 billion of private and public funding to complete, the renewal of Toronto's waterfront includes the creation of 40,000 residential units, one million square metres of employment space and 300 hectares of parks and public spaces.
• Waterfront Toronto is the public advocate and steward of waterfront revitalization. The Government of Canada, the Province of Ontario and the City of Toronto created Waterfront Toronto in 2001 to oversee, lead and implement the renewal of Toronto's waterfront.
• Waterfront Toronto is the master planner and lead developer for the project, creating a comprehensive vision for revitalizing the area and leading its execution. 
• When Waterfront Toronto was established, the three orders of government each committed $500 million in seed capital to enable the organization to begin the revitalization process. The vast majority of the waterfront land is owned by the governments and they also gave the organization control over their land. Waterfront Toronto's funding model leverages the public capital by working with private development partners who buy the land for development, and the money earned is used to further fund public infrastructure.
• To date, Waterfront Toronto has finalized three private sector development partnership agreements that will result in $1.3 billion of private sector development on Toronto's waterfront.
• A primary objective of waterfront revitalization is to leverage the infrastructure project to deliver key economic and social benefits that enable Toronto to compete aggressively with other top tier global cities for investment, jobs and people.
• Waterfront revitalization has already delivered significant economic returns.  From 2001 through March 31, 2009, Waterfront Toronto and its government partners invested $642 million in redevelopment projects.  That investment in turn has generated:  8,400 full-time years of employment, $1.6 billion of gross output for the Canadian economy, and government revenues of $180 million to the federal government, $124 million to the provincial government and $20 million to Toronto. 
• Approximately 95 per cent of all Waterfront Toronto expenditures were made in Ontario, and nearly 90 per cent were made within Toronto.
• Waterfront Toronto utilizes a leading edge smart city-building model that brings together the most innovative approaches to sustainable development, excellence in urban design, real estate development, and advanced technology infrastructure.
• Consultation and collaboration with the community and the general public play a central role in transforming our waterfront into an extraordinary public asset. Since its inception, Waterfront Toronto has been committed to effective, open, transparent two-way communication and engagement with the public.
• The revitalization of Toronto's waterfront is well underway with the first two new waterfront communities, East Bayfront and West Don Lands, under construction.
• Since 2005, Waterfront Toronto has opened 17 new or improved parks or public spaces including Canada's Sugar Beach, Sherbourne Common, a new water's edge promenade, wavedecks, sports fields, revitalized trails and new waterfront parks in Scarborough and Etobicoke. 
• While the proposed sports complex arena in the Port Lands is within the designated waterfront area, it is a City of Toronto project.
• Waterfront Toronto and the City of Toronto are in the early stages of a comprehensive environmental assessment and integrated urban design study to determine the future of the Gardiner Expressway from Jarvis Street to east of the Don Valley Parkway.
• The study is examining the feasibility, impact, costs and benefits of several options for the Gardiner, including the roadway's removal, replacement, enhancement and retaining the status quo.

For further information:

Michelle Noble, Director of Communication and Marketing
phone [phone] ext. 263, cell 416-294-7762, [email protected]