Minor Updates & Important Dates Coming Minor Updates & Important Dates
Quayside City Development Infrastructure
Quayside Infrastructure for Phase 1 and Phase 2 was approved by the city. This supports the announcement by Mr. Cooper that Quayside Phase 1 will begin in the next ~16 months or sooner.
City staff recommend the following projects, with an order of magnitude estimate of $900-975 million, be considered for funding by all three orders of government. This prioritization is based on a business case completed by Waterfront Toronto and a one-year due diligence exercise conducted with government staff:
-Ookwemin Minising enabling infrastructure;
-Quayside enabling infrastructure; -The completion of Biidaasige Park (the northwest portion, which was previously referred to as Promontory Park North) and a program of early activation ('meanwhile uses') on adjacent future development lands;
-A study of waterfront destinations and attractions; and
-Funding envelopes to advance the Marine Use Strategy and wider waterfront initiatives.
Ookwemin Minising enabling infrastructure is anticipated to enable the future development of approximately 4,500 new total housing units on Blocks 3, 7, 8, 12 and 16, with a Council approved target of 30 percent of residential gross floor area (GFA) allocated to affordable rental housing (See Figure 5). Additional funding will be required to secure the affordable housing when specific plans are determined.
In Quayside, funding for the enabling infrastructure gap will help enable the approximately 4,700 proposed total housing units in both Phases 1 and 2, of which 869 will be affordable rental housing.
Important Dates for Quayside/49 Ontario Development Charges Waiver
"18. City Council direct the Executive Director, Housing Secretariat, in consultation with the Deputy City Manager, Development and Growth Services and the Chief Financial Officer and Treasurer, to report directly to the
December 17, 18 and 19, 2024 meeting of City Council with updates from the Call for Application process ... including any further approvals necessary to approve additional affordable rental homes."