The federal, provincial, and municipal governments have announced a $975-million investment designed to accelerate the transformation of Toronto’s waterfront.

The funding will support the next phase of revitalization led by Waterfront Toronto, bringing about major housing development, job creation, and economic growth.

The investment will facilitate the construction of about 14,000 new multi-residential homes, including affordable rental units, in Quayside and Ookwemin Minising (formerly Villiers Island), the three governments said in a news release. Once complete, the project is expected to create approximately 100,000 skilled-trades jobs and contribute an additional $13.2 billion to the economy.

To pave the way for housing construction beginning in 2026, site servicing work will commence soon, with the first occupancy targeted for 2031. This initiative builds upon previous government investments, including the $1.4-billion Port Lands Flood Protection project.

“As never before, cities are competing to attract investment, talent and tourism dollars,” said Jack Winberg, board chair of Waterfront Toronto. “We’ve seen what can be accomplished when all orders of government work together to make the best of life and the best of Canada converge.

“We look forward to building upon our 25 years of transformative revitalization work by delivering the next phase of the waterfront in partnership with governments.”

The funding agreement follows the tri-government model, with equal $325-million contributions from all three levels of government.

Additionally, the federal government is providing an extra $200 million to match prior contributions from Ontario and Toronto for the completion of the Broadview Eastern Flood Protection project.

Toronto Mayor Olivia Chow underscored the project’s significance for the city’s future.

“With investments from all three levels of government, this partnership will build a new neighbourhood and a vibrant waterfront for generations to come,” she said.

The revitalization plan will also enhance Toronto’s appeal as a global destination, the three governments said. With the completion of Biidaasige Park, the waterfront is expected to attract more than one million visitors annually, further solidifying its status as a world-class attraction.

Photo: Waterfront Toronto