A collaborative approach must be taken to best develop the city’s central waterfront, says a new report by Toronto Region Board of Trade (TRBOT).
Released on Tuesday, the 47-page report, titled “Ripple Effect: Unlocking Toronto’s Waterfront Potential,” was developed in collaboration with the Business of Cities and is sponsored by the Waterfront Business Improvement Area (BIA). It highlights the various roles Toronto’s waterfront plays in the municipal economy and outlines key priorities to optimize the area’s value down the line.
To do so, two fast-track recommendations are being offered: a “team waterfront” approach coupled with a series of projects that will improve its connectivity with the rest of the city.
The report outlined the key challenges facing the development of the stretch of land between Ontario Place to the Port Lands include physical constraints like scale, connectivity, and quality of place; economic identity and vision and direction; and resourcing, commitment, and prioritization.
It also identified nine principles for best practices in transforming Toronto’s waterfront area, drawing from other prominent waterfront cities like Sydney, London, Singapore, Amsterdam, and Gothenburg, Sweden.
“This 10-kilometre stretch of land has the potential to dramatically redefine and transform our city’s economic and cultural landscape for generations, yet it is often forgotten as an economic driver, let alone a supercharger,” TRBOT’s President and CEO Giles Gherson said in a news release.
“Businesses in the district already generate $13 billion annually to Ontario’s GDP, with over 100,000 more jobs and residents to be added in the coming years. We need to make the right moves to ensure it is successful for business, residents and visitors alike.”
George Zegarac, Waterfront Toronto’s president and CEO, said that there needs to be a re-think of how Toronto’s waterfront is built up.
“This welcome report recognizes that we must consider investments in the Toronto waterfront not as a sunk cost, but as smart spending on assets that will benefit generations to come,” he said, noting that the “private sector, philanthropists, governments and their agencies must come together to make our new waterfront and city globally competitive and world class.”
The executive director of the Waterfront BIA agreed.
“At this point in the area’s development, it’s time for a conversation about how all these assets can best complement each other and become known around the world as a premier destination, because that’s our potential,” said Tim Kocur.
In the coming months, Toronto Region Board of Trade said that it will be convening leaders from organizations across the waterfront in an effort to come up with a “cohesive vision” for the area.