Waterfront renewal generates more than twice the value of public
investment to date
TORONTO, May 1, 2013 /CNW/ - Investments in Toronto's waterfront
revitalization by the governments of Canada and Ontario and the City of
Toronto to date have produced $3.2 billion in output for the Canadian
economy and 16,200 full-time years of employment, according to a
third-party study released today by Waterfront Toronto.
Prepared by economic research firm urbanMetrics, the study found that
the $1.26 billion public investment made through Waterfront Toronto
between April 2001 and March 2013 has also generated government
revenues of approximately $622 million, including $348 million to the
federal government, $237 million to the provincial government, and $36
million to the City of Toronto.
"Not only is revitalization delivering a great waterfront for the city,
it is also a major economic engine in its own right, fuelling growth
and creating jobs," said Waterfront Toronto President and CEO John
Campbell. "Our investments are a catalyst for massive private sector
investment across the waterfront as well as in adjacent
"Our Government is pleased to support the investments made to improve
and reclaim Toronto's industrial past by not only improving the quality
of life in Toronto and the GTA, but also by helping to create and
maintain jobs and drive economic growth," said the Honourable Jim
Flaherty, Minister of Finance.
"The renewal of Toronto's waterfront is a great example of how
infrastructure development and growth planning are bringing real
benefits to the people of this region," said the Honourable Glen
Murray, Ontario Minister of Infrastructure. "Through Waterfront
Toronto, our government is helping to create compact, transit-oriented
communities, parks and public spaces."
"The tri-government effort to revitalize our waterfront is an
increasingly important driver for economic development in Toronto,"
said Toronto City Councillor Michael Thompson, Chair of Economic
Development and Culture Committee. "Ultimately it is helping Toronto
compete with other leading global cities for investment, jobs and
In addition to the economic benefits from its direct investment,
Waterfront Toronto has attracted development projects valued at nearly
$2.6 billion to the first new waterfront neighbourhoods of East
Bayfront and West Don Lands - effectively doubling the value of
government investments in the waterfront. These projects include the
Bayside mixed-use development by Hines valued at $910 million, the 2015
Pan/Parapan American Games Athletes' Village by Dundee Kilmer valued at
$814 million, Urban Capital's River City Condominiums valued at $383
million, and Great Gulf's Monde Condominiums valued at $276 million.
Construction of these projects will contribute $2.22 billion to the
Canadian economy, nearly 23,600 full-time years of employment and $1.17
billion in labour income.
Beyond the land it controls, Waterfront Toronto's revitalization work
has helped stimulate more than $9.6 billion of private investment.
There are 44 recent and planned development projects on privately-owned
lands across the waterfront and in adjacent neighbourhoods close to
where Waterfront Toronto has invested heavily in infrastructure, such
as parks, waterfront access, transit, flood protection and brownfield
remediation. These developments will contribute an additional $8.9
billion to the Canadian economy, more than 94,800 years of employment
and $4.7 billion in labour income.
"The return on public investment to date is remarkable, but the
recurring benefits of waterfront revitalization will be far greater,
from permanent jobs and tourism spending to ongoing government revenues
from property and income taxes," explained Mr. Campbell. "Continued
public support is building a lasting economic and social legacy for
years to come."
Once the full vision for the waterfront is realized, construction alone
is expected to add $12.9 billion to the economy, more than 137,900
years of employment and revenues of nearly $4.9 billion to the three
levels of government. Combined development in East Bayfront, West Don
Lands and the adjoining neighbourhoods will yield more than 26,600
residential units and will accommodate 21,700 permanent jobs. When
complete, the City of Toronto will receive $252 million in development
charges to fund future infrastructure and $105 million annually in
property tax revenue.
The governments of Canada and Ontario and the City of Toronto created
Waterfront Toronto to oversee and lead the renewal of Toronto's
waterfront. Public accessibility, design excellence, sustainable
development, economic development and fiscal sustainability are the key
drivers of waterfront revitalization.
SOURCE: Waterfront Toronto
For further information:
Samantha Gileno, Manager, Project Communications, T: 416-214-1344 ext. 264 / C: 416-271-1316 firstname.lastname@example.org