Developer Lines up Ambitious Redevelopment Project for Toronto’s Waterfront
- Apr 06, 2015
Toronto’s waterfront industrial area is set to be transformed into a $560 million new arts hub. The Daniels Corp. is heading the project that would create about 1.3 million square feet of space accommodating arts and media venues, as well as a housing component comprised by two residential towers.
Set to take shape on a plot of land that previously housed the country’s largest nightclub, the new development is intended to accommodate around 1,500 residents and create the context for roughly 5,000 jobs, according to Bloomberg Business. Large retail and office components will be part of the offering at the 1.32 million–square-foot waterfront project, set to be known as Daniels Waterfront – City of the Arts.
The project will feature two condominium high-rises of about 38 stories, and will total two entire city blocks, in the proximity of the city’s financial district. Units will start at the price of $222,000, for 350 square feet. As part of the project’s aim to create a new arts community, the developers will build an outdoor events space located near a sugar factory and port, as well as a public walkway. The project will draw inspiration from similar initiatives involving remodeled waterfronts and will prominently feature brick and glass, part of its industrial neighboring.
The private venture will probe the possibility for future public projects aiming to rejuvenate Toronto’s waterfront, with the ultimate goal being to create a development boom in the styles of those seen in Boston and Vancouver. Those cities replaced their aging industrial waterfronts with a tech hub and a lifestyle district, respectively.