A brand new neighbourhood is set to transform a vast stretch of Toronto’s waterfront. Last week, Waterfront Toronto announced its new partnership with Dream Unlimited Corp and Great Gulf Group, starting the process of bringing the city’s Quayside development to life.

The teams, known collectively as the Quayside Impact Limited Partnership, have big plans for the 12-acre site at the foot of Parliament St and Lake Shore Blvd East.

When it’s all said and done, Quayside will no longer be just a plot of vacant land but a “community for residents and visitors to live, work and play,” said Waterfront Toronto in a news release.

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Image via Waterfront Toronto

One of the key features that the teams have proposed is over 800 affordable residential units, with many of them complete in the early stages to address the urgent need for cheaper housing in the city.

Others include a two-acre forested green space, an urban farm atop one of Canada’s largest residential mass timber buildings, a multi-use arts venue, a “landmark cultural destination,” and “visionary world-class architecture.”

Image via Waterfront Toronto

Plus, Quayside will be outfitted with low-carbon developments and innovations to make it the first-ever community of its size to be all-electric and zero-carbon.

The buildings on the property are set to be “a visually striking focal point on Toronto’s waterfront,” which is clear from the renderings supplied by Waterfront Toronto.

Now that the teams have come together, the next step is to negotiate a project agreement. The process is expected to be complete by this fall. At that point, the teams will have to finalize the development plans and secure approvals in order to start making the vision a reality.

Image via Waterfront Toronto

There are so many transformations happening in the city over the next several years. A sprawling new neighbourhood called The Well is springing up on the western side of Spadina Avenue from Wellington to Front, with office towers, luxury condos, a market, and a stunning retail centre.

Plus, there are countless new developments in the works for Toronto’s waterfront, including nature escapes, a floating restaurant, a first-in-Canada “destination playground,” and much more.

It seems like Toronto’s skyline will be unrecognizable a decade from now, and we’re excited to see it all unfold.