Waterfront Toronto was established in 2001 by the Governments of Canada, Ontario and the City of Toronto to oversee and deliver the revitalization of Toronto’s waterfront. The three governments provided $500 million each in seed capital for a 25-year mandate to transform 800 hectares (2,000 acres) of brownfield lands on Toronto’s waterfront into beautiful, accessible, sustainable mixed-use communities and dynamic public spaces.

Waterfront Toronto’s overall corporate objectives include:

  • implementing a plan that enhances the economic, social and cultural value of the land in the designated waterfront area and creates an accessible and active waterfront for living, working and recreation, and to do so in a fiscally and environmentally responsible manner;
  • ensuring that ongoing development in the designated waterfront area can continue in a financially self-sustaining manner; and
  • promoting and encouraging the involvement of the private sector in the development of the designated waterfront area.

Follow this link for information on the Board governance structure for Waterfront Toronto.

Waterfront Toronto’s vision is to work with community and public and private sector partners to create waterfront parks, public spaces, cultural institutions, and diverse and sustainable commercial and residential communities. Waterfront Toronto strives to ensure that Toronto becomes the city where the world desires to live.

2014 Capital Budget

The 2014–2023 Capital Budget and Plan includes $175.924 million in funding for growth related projects that will improve Union Station with the addition of a second subway platform, proceed with precinct implementation in the West Don Lands and East Bayfront, complete the revitalization of Queens Quay, and invest in transportation and pedestrian initiatives in the Waterfront.

The 2014 Capital Budget for Waterfront Revitalization Initiative of $80.252 million, including carry forward funding, will:

  • improve Union Station through the addition of a second subway platform and concourse improvements;
  • deliver the Port Lands Planning Framework, EAs and Funding/Financing Plan;
  • create new public spaces and parks such as the final phase of Underpass Park and Corktown Common;
  • continue construction of major roads and stormwater infrastructure in the West Don Lands;
  • continue revitalization of East Bayfront:  Bayside, Parkside and Dockside;
  • continue to implement Queens Quay Revitalization, Lower Yonge Precinct Planning; and
  • Invest in transportation and pedestrian initiatives including the Gardiner East EA and Fort York Pedestrian and Cycle Bridge EA and design.

City-led Strategic Review

A City-led strategic review related to waterfront revitalization commenced in July 2014.  Waterfront efforts are at the halfway point of the 25-year mandate and critical initiatives such as waterfront transit and Port Lands flood protection and servicing are unrealized.  City Council directed staff to evaluate the waterfront model, including tri-partite governance, Waterfront Toronto and other delivery mechanisms in the review.  A funding framework for the next phase of waterfront delivery and recommendations for moving forward will be reported in Q2 2015.

Financial Overview

Statement of Financial Activities ($000s)

  Year ended March 31, 2013 Year ended March 31, 2014
 

Audited

Audited

Revenue

 

 

    Province of Ontario

60,068.1

58,911.6

    City of Toronto

36,093.1

57,893.1

    Government of Canada

10,557.0

 

    Non-Government Organizations

3,701.4

3,701.4

Less: Government contributions for land and/or assets under development

(58,542.3)

(60,747.0)

Increase in deferred contributions for continuing operations related to future periods

(470,228.0)

(23,535.7)

Total Revenue

49,204.5

36,223.3

 

 

 

Expenses

 

 

    Waterfront-wide initiatives

35,361.5

29,022.6

    Port lands

4,110.7

2,740.1

    East Bayfront

3,915.7

2,060.5

    West Don Lands

3,197.9

1,597.8

    Central Waterfront

1,802.2

992.7

Total Expenses

48,388.0

36,413.7

 

 

 

Excess of (expenses over revenue)/revenue over expenses before other operating items

816,474

(190,404)

Net other operating income

1,303.0

2,210.4

 

 

 

Excess of revenue over expenses

2,119.5

2,019.9