Toronto’s spectacular waterfront transformation will be home to 40,000 residents and support 40,000 new jobs. The reinvestment in our waterfront is an engine for economic growth.
When the vision for the waterfront is fully realized, it will provide lasting economic benefits for our city, province and country by creating new employment opportunities, attracting private investment and drawing tourism dollars. Toronto’s revitalized waterfront leverages Ontario’s existing competitive advantages. The province already boasts the G7’s most educated workforce, and is the third-largest financial centre and fourth-largest media centre in North America. And Canada is a world model for diverse societies living in harmony. It all adds up to a cost-effective business environment that attracts the best and brightest companies and people.
The waterfront’s sustainable, well-designed communities and modern infrastructure will set our city apart and encourage workers to move to Toronto and stay here. As well, with an open-access network that’s exponentially faster than typical North American residential networks, our waterfront will deliver a competitive edge for creative, knowledge-based Canadian and international businesses and industries that need to attract and retain top talent. As people and companies migrate to our waterfront, they’ll form a hub of innovation and creativity that will benefit the economies of Toronto, Ontario and Canada.
The dramatic scale of Toronto’s waterfront transformation requires best-in-class infrastructure, including transit, district energy, leading-edge ultra broadband and community amenities. The new private-sector partnerships and additional investment that’s required will be the driving force for bringing thousands of new jobs, visitors and residents to the waterfront.
Waterfront Toronto’s leveraging of the green-technology sector also illustrates how reinvesting in the waterfront provides lasting economic benefits. For example, the waterfront is one of the largest urban brownfield remediation initiatives in the world. The extraordinary knowledge and expertise we are gaining will help us develop innovative green business practices. New green jobs go hand-in-hand with these innovative practices.