Toronto's scenic waterfront is about to get a major facelift, and Quayside will be one of the most dynamic areas of them all.
Quayside is a mixed-use neighbourhood on a former dock and industrial land at Queens Quay East and Parliament Street. If all goes according to plan, the future of this area will be built by Dream Unlimited Corp and Great Gulf (under the project name: Quayside Impact Limited Partnership), and it will see various residence types, family-friendly amenities and even an urban farm, all on a 12-acre zero-carbon property.
While there may not be any condos built here right now, there are already plans to develop new projects by 2025.
Waterfront Toronto is overseeing this revitalization effort, and they estimate that once this new development is completed, it will consist of 5 different development blocks-- one of which will result from the future extension of Queens Quay East and realignment of Parliament Street.
The remaining 8 acres are allocated to:
- 800 affordable housing units in the first phase of development.
- A two-acre forested green space.
- A multi-use arts venue.
- An urban farm located on top of Canada's largest residential mass timber buildings.
- First all-electric, zero-carbon community of this scale.
Pending approval, builders are expected to break ground by 2025, with the first occupancy at the site targeted for 2030.
In the meantime, Waterfront Toronto and Quayside Impact Limited Partnership will begin negotiations on the plan, which is expected to reach completion by the Fall of 2022.
The vision for Quayside is to create a "dynamic, inclusive and resilient community that will help reorient the city towards Lake Ontario. There is no doubt that this area of our waterfront represents an extraordinary opportunity to create one of Canada's most sustainable low-carbon communities, serving people of all ages, backgrounds, abilities and incomes," as mentioned on Quayside's website.
A new LRT line is also recommended but isn't required. However, with the impending Quayside development plan, the City of Toronto, in partnership with the Toronto Transit Commission (TTC) and Waterfront Toronto, has completed the Waterfront Transit "Reset" study, including a comprehensive assessment of needs for transit improvements for the waterfront area. This study will help in the decision-making for future LRT lines for the site.
In the meantime, bus service runs along Sherbourne and Parliament, connecting you directly with the subway's line 2, while the recently expanded Queen Quay streetcar takes you right into Union Station.
In addition to Quayside's Lake Ontario location, this district is also close to vibrant neighbourhoods like the Distillery District, Leslieville, St. Lawrence, and even the Financial District, and it's also adjacent to the apex of the city's two most important highways.
Owning in Quayside also means that you will benefit from all that is to come for the Bayfront neighbourhood, which is just a 6-minute walk away.
East Bayfront is a mixed-use neighbourhood where you'll find offices, shops, public spaces. A waterfront promenade connects the area with downtown Toronto and provides a sunny path popular with rollerbladers, dog walkers and joggers.
East Bayfront is on track to increase significantly in density, with several large-scale mixed-use projects under construction. This will involve an additional 6,000 residential units, including 1,200 affordable homes.
It also includes a major arts-and-culture-focused development that features office space for arts organizations and teaching facilities for OCAD University and George Brown College. This mixed-use waterfront development will make room to support over 2,000 jobs. There will be 3 million square feet of commercial space too, which will add approximately 8,000 jobs to the area.
Overall, the neighbourhood is expected to build three million square feet of commercial space to attract new employers and corporate investors.
There's no question that Quayside is an ideal neighbourhood for those who seek a fresh urban lifestyle surrounded by majestic waterfront views, greenery and wildlife. Plus, it will be a dynamic place filled with activities for the whole family. So stick with us, and we'll be sure to provide you with the latest condo investment information as they become available.