Canadian Underwriter

$1.185B flood protection project to lead to Toronto waterfront makeover

June 28, 2017   by THE CANADIAN PRESS

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TORONTO – A portion of Toronto’s waterfront is set to undergo a nearly $1.2 billion flood protection project that will lead to a makeover of the area.

Prime Minister Justin Trudeau, Ontario Premier Kathleen Wynne and Mayor John Tory announced the Toronto Port Lands Flood Protection project at a joint news conference today.

Trudeau says global warming over the past decade has resulted in increased flooding in urban areas and the project will provide flood protection through the creation of a naturalized mouth for the Don River.

It will also help clean up contaminated soil, unlock underused industrial land for development, and establish new aquatic habitats and wetlands that support native species.

The plan calls for the long-term transformation of the port lands into mixed-use communities with residential and commercial development – including affordable housing – surrounded by parks and green space.

The federal government will contribute up to $384 million to the $1.185 billion project, while Ontario and the City of Toronto will each contribute more than $400 million.

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