Toronto – Deputy Mayor Jennifer McKelvie (Scarborough-Rouge Park) was joined by Councillor Gary Crawford (Scarborough Southwest), Chair of the Budget Committee to highlight the City of Toronto’s recent budget investments to continue to build and improve Toronto’s central waterfront.
The commitment will be realized, in part, through a multi-year investment in parks and community centres of more than $160 million committed in this year’s City of Toronto budget for projects that are underway, near completion or planned over the next five years.
Significant 2023 waterfront-related budget investments are contributing to the overall legacy of waterfront development, while affirming the City’s commitment to ensuring liveable, sustainable and connected communities along Toronto’s central waterfront.
The City’s ongoing efforts and leadership, including collaboration with the Government of Canada, the Province of Ontario and waterfront partners, have created North America’s largest urban redevelopment program and one of the most extensive waterfront revitalization efforts in the world.
These major waterfront parks-related and key state-of-good repair projects are part of the City’s financial commitments in the long-term development plan for the waterfront. Highlights include:
- Ferries and shoreline infrastructure – replacement of two ferries and electrical shoreline infrastructure at the ferry terminal ($75.9 million investment over three years, including $12.3 million in 2023)
- Love Park – to be completed in 2023 ($15 million total budget)
- Leslie Lookout Park – to be completed in 2023 ($2.7 million City investment)
- One Yonge Community Recreation Centre – to be completed in 2023 ($19.1 million total budget)
- Bathurst Quay Revitalization Projects – new waterfront park to be completed in 2024 ($8 million investment in the 2023 budget). This is the last of six recent projects to date totalling $47 million in spent and committed funding from the City and its partners.
- Rees Street Park – expected to be completed in 2026 ($19.2 million total budget with $2.5 million invested in 2023)
- East Bayfront Community Recreation Centre – expected to be completed in 2025 ($25 million total budget over the next three years with $1.3 million invested in 2023)
- Shoreline improvements – rehabilitation of shoreline infrastructure for the High Lake Effect Flooding and Windstorm projects ($22.8 million investment in 2023 across the waterfront)
Toronto’s extensive waterfront revitalization began between 1988 and 1992 with the Royal Commission on the Future of the Toronto Waterfront, resulting in the Toronto Waterfront Revitalization Corporation Act and the creation of Waterfront Toronto. Development accelerated in 2002 with combined equal investments totaling $1.5 billion and ongoing collaboration from all orders of government. Revitalization was further advanced in 2016 with tri-government commitments for the Port Lands Flood Protection project, which is ongoing.
The City and its public and private sector partners continue to be guided by the 2003 Central Waterfront Secondary Plan.
The City’s 2023 Budget protects frontline services in the face of a challenging financial year, makes much-needed investments in housing, community safety, transit, emergency services and parks, including the Central Waterfront, and manages affordability by keeping property tax increases below the rate of inflation.
More information about the City’s 2023 Budget is available on the 2023 City Budget webpage.
More information about the City’s waterfront revitalization plans and work is available on the City’s Waterfront Revitalization webpage.
“The City of Toronto’s 2023 budget makes investments in Toronto’s waterfront that help move our city forward and will benefit all residents who live, work and play in and around the central waterfront. Each budget is an essential step towards long-term, impactful development of the waterfront, which has already been radically transformed over a generation of change. The enormous multi-year commitment made by Toronto City Council of more than $160 million ensures that the waterfront continues its evolution into a more liveable and sustainable community.” – Deputy Mayor Jennifer McKelvie (Scarborough-Rouge Park), Chair of the Infrastructure and Environment Committee