The plan is to create an “urban island” which would attract close to 25,000 residents to the Port Lands.
The cost to protect that project from floods just got more expensive on Thursday, as a report from Waterfront Toronto confirmed the price jumped an extra $275 million to a total of $1.25 Billion.
The agency representing all three levels of government revised the original estimate from $975 million, due to additional excavations of sand and peat as well as “environment risk management measures.” The area has significant contamination due to the work from previous industries, including the refinement of oil.
It’s expected that Toronto city staff will advise Mayor John Tory’s executive committee that all three levels of government involved should commit to a one-third of the cost each, since the project which likely will take 7 years to complete.
The “urban island” project is key to Tory’s SmartTrack plan as one of the stations is earmarked for the area. When revealing his SmartTrack plan, Tory referred to a revitalized Port Lands as ‘Canary Wharf’. On that site is the former Unilever factory site which is in the area that will need flood protection in order for revitalization plans to be carried out.
Construction and development of the land is expected to add about $5.1 billion to the economy.
— Waterfront Toronto (@WaterfrontTO) October 20, 2016