The ongoing revitalization of our waterfront presents new opportunities to re-imagine how our city can grow to support Toronto's livability and long-term prosperity. The potential to create modern, sustainable, inclusive and enjoyable communities is no more apparent than in the Port Lands.
In June, the Prime Minister, Justin Trudeau, the Premier of Ontario, Kathleen Wynne, and Mayor of the City of Toronto, John Tory, joined Waterfront Toronto CEO Will Fleissig to announce joint funding of $1.185 billion for Waterfront Toronto which will unlock the potential of a large portion of our waterfront through the Port Lands Flood Protection project. The Government of Canada will contribute up to $384 million to this project, and the Government of Ontario and the City of Toronto will each contribute over $400 million.
The Project will provide critical flood protection through the creation of a naturalized mouth for the Don River, establishing new aquatic habitats and wetlands that support native species and removing numerous downtown neighbourhoods from the risk of severe flooding. This initiative will help lay the groundwork to transform the underused industrial area into a vibrant and resilient community with affordable housing, rapid transit, public amenities, new parks, and new jobs.
You can learn more about this important city-building project by clicking here.