On August 19th, 2010, plans were released about building a new $800 million dollar neighborhood across Toronto’s waterfront. The new neighborhood will be known as “Bayside,” and will stretch from Sherbourne Street all the way to Parliament Street.
Bayside will consist of over 1700 new lofts and will create an approximate 2400 jobs. The primary industries are going to be targeted towards knowledge-based and creative sectors. There is also plans of creating a green roof that will overlook Lake Ontario, as well as a boardwalk!
The 1700 new waterfront Toronto lofts are expected to sell quickly and easily, simply because of the great waterfront location.
The Hines company was selected as the developer of this humongous project that will be constructed on four acres of land. On August 25 the project went in for final approval by the City Council. If approved, the project is estimated to support residence in 2014, and should be 100% complete by 2021.
Bayside neighborhood will result in “approximately $1.6 billion in total economic activity and $20 million in development charges for the City of Toronto.”, estimates Waterfront Toronto.
The main goal behind the plans of Bayside is “to make the city reach the water comfortably – as part of the city, not as a foreign place. We see this is a place to live, to work, to visit, to shop, every day of the year, all day long.”, announced architect Cesar Pelli.
As said by principal architect Stanton Eckstut, “Every neighbourhood in Toronto has one great main street, from Little Italy to Greektown.”, and Bayside will be no different. Bonnycastle is planned to be Bayside’s great main street.