The Prime Minister of Canada, Justin Trudeau, the Premier of Ontario, Kathleen Wynne, and Mayor of the City of Toronto, John Tory, joined Waterfront Toronto CEO Will Fleissig earlier this week to announce joint funding of $1.185 billion for Waterfront Toronto.
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.
“These investments will help protect Toronto’s Port Lands from flooding and lay the groundwork to transform the underused industrial area into a vibrant and resilient downtown neighbourhood,” the press release stated.
The project will provide critical flood protection through the creation of a naturalized mouth for the Don River.
It will also help clean up contaminated soil, unlock land ripe for development, and establish new aquatic habitats and wetlands that support native species.
The Port Lands Flood Protection project will take approximately seven years to complete and will be delivered by Waterfront Toronto.