Transforming Toronto’s Waterfront
For years, the land on the eastern side of Toronto’s waterfront has been extremely underutilized, but all of that is about to change through the efforts of the city working together with prominent real estate developers. One of the most exciting new developments is East Harbour, which is set to play an integral role in transforming the city’s lakefront because of the volume of employment and retail that it will bring and create to the east of the downtown core.
East Harbour Master-Planned Community is being developed by Cadillac Fairview — one of the most trusted builders in the Toronto real estate market. They’re renowned for their ability to successfully develop land, making them perfect choice to transform this underused land into a thriving community.
This new development will span 60 acres, and it will be a dynamic space that will bring 50,000 new jobs along the waterfront. Once completed, this new district will have 12 million square feet of office and retail space that will feature a diverse mixture of offices, retail units, entertainment, artistic and cultural space, parks, and restaurants.
While the initial plans don’t include any condo projects, it’s still an important site to consider for real estate investors because of its diverse employment an entertainment capabilities.
The GTA’s population is expected to balloon up to 9.4 million people by 2041, making this future employment hub absolutely crucial to the fabric of tomorrow’s city. That’s why they’re approaching it with the philosophy of making it people centric, sustainable, and innovative. By creating a new employment hub in such a way, Cadillac Fairview is ensuring that the City of Toronto will continue to be a major competitor on the global stage for years to come.
A New Multi-Modal Transit Hub To The East of Downtown
One of the most exciting aspects of this new community will be its interconnectedness with the public and regional transit in the GTA. With the land currently being underutilized, it’s never made sense for it to be a part of the public transit system, but its development is going to parallel the construction of new transit lines throughout the GTA, making it a multi-modal transit hub to the east of downtown.
One of the most obvious implementations is connecting the new district to GO Transit, which will be a vital link to this new employment node. There are also plans to extend the Toronto subway system so that trains will traverse through here. This will be part of the proposed Queen Relief Line, which, as its name suggests, will be constructed to relieve the congestion on the eastern side of the subway system. The current notion is to have the relief line start at Queen Station and cut eastward through the city where it will reach East Harbour. From there, it will turn north on Carlaw Avenue before finally reaching Pape Station, connecting it to Line 2.
This new district will also be adjacent to another waterfront site that we’re really excited about — the Port Lands. This is another swathe of land that has gone largely unused over that past few decades, but it will soon be completely revitalized. One of the most important goals of this revitalization is to renaturalize the mouth of the Don River. This will dramatically transform the scenery around the waterfront, turning it into a lush and green environment and creating a new island in the process. Villiers Island will be the setting for many of the new condo developments on the lakefront, and we expect it will be the home to multiple urbanites who work and socialize at East Harbour.
This new master-planned community won’t have many condo projects, but it will play a critical role in the future of Toronto’s real estate investment market. It’s expected to bring over 50,000 jobs to the eastern side of the downtown core, which will ensure that the GTA continues to compete on the global stage for years to come. It will also connect to local and regional transit, making it a vital transit hub. You’re going to want to keep this development in mind when looking for new condominium projects in the city, so connect with us today to keep apprised of any new information.
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