Toronto Waterfront – Setting the Record Straight

Certain news media and a group of academics and professionals on the left side of the spectrum, continue the crusade opposing both the transfer of control of the Lower Don lands from Waterfront Toronto to TPLC, and TPLC’s preliminary plans for redevelopment of the Lower Don lands.  The latest chapter includes a letter addressed to Toronto Council, signed by various members of the academic and professional fields, supporting the existing Waterfront Toronto Plan and praising the efforts of Waterfront Toronto to date.

As well meaning as this group may be, they, and opponents of the proposed plans, have, unfortunately, not addressed some of the key issues facing the waterfront and the problems that the Ford Administration is trying to address such as:

• The lack of funding for the $634 Million required for the protection proposed by Waterfront Toronto;

• The loss of 90 clean and valuable acres owned by the City as part of the Waterfront Toronto plan;

• A plan which provides no real creativity and excitement; row upon row of 12 to 15 storey high buildings, located on block after block of the same sized blocks and building forms, is relentlessly boring. The City of Toronto does not have a uniform building form unlike London or Paris or Berlin but our adhoc building forms are more in the spirit of New York or Chicago, and that adhoc quality is part of Toronto's inherent charm and character. What is also missing from the waterfront plan is a "big move", something dramatic that catches the attention of the world.

• Expenditure of over $800 Million over the last 10 years, including an annual overhead of Waterfront Toronto of approximately $20 Million per year, with Sugar Beach and Sherbourne Common as Waterfront Toronto’s prime accomplishments;

The group also mistakenly attributes the CORUS office building project as a Waterfront Toronto accomplishment.  CORUS was a 100 % TPLC project spearheaded by the former CEO, Jeff Steiner, including the negotiation of the whole building lease with CORUS, finalization of a fixed price contract in excess of $100 million with Aecon construction, the arrangement of loans from the City of Toronto and its ultimate sale, which is being co-managed with Build Toronto.  The project came in on time, on budget and will generate a significant return to TPLC, all of which will be paid to the City as a dividend to its shareholder. Details of the pending sale should be announced soon.

Perhaps when the public and members of City Council understand the true facts (should they choose to do so), an fair and open assessment can be made to decide on the future of the jewel in our crown, the Toronto Waterfront.