Waterfront Toronto has received notification from Sidewalk Labs that they will no longer be pursuing the Quayside project, a 12-acre project along the city’s waterfront.
“As unprecedented economic uncertainty has set in around the world and in the Toronto real estate market, it has become too difficult to make the 12-acre project financially viable without sacrificing core parts of the plan we had developed together with Waterfront Toronto to build a truly inclusive, sustainable community. And so, after a great deal of deliberation, we concluded that it no longer made sense to proceed with the Quayside project,” said Dan Doctoroff, CEO of Sidewalk Labs.
“While this is not the outcome we had hoped for, Waterfront Toronto offers thanks and appreciation to Sidewalk Labs for its vision, effort, and the many commitments that both the company and its employees have made to the future of Toronto,” said Waterfront Toronto Chair Stephen Diamond in a released statement.
The development was expected to incorporate innovative technologies and building practices, building a smart-cities-style neighbourhood just off of Toronto’s downtown core.
“While we won’t be pursuing this particular project, the current health emergency makes us feel even more strongly about the importance of reimagining cities for the future,” said Doctoroff. “I believe that the ideas we have developed over the last two-and-a-half years will represent a meaningful contribution to the work of tackling big urban problems, particularly in the areas of affordability and sustainability. This is a vital societal endeavour, and Sidewalk Labs will continue our work to contribute to it.”
Waterfront Toronto will continue to pursue options for the property, with the hope that some type of innovative solution can be found.
“Today is not the end of Quayside, but the first day of its future. Waterfront Toronto will continue to seek public and expert input as we make a next generation community at Quayside a reality,” said Diamond.