Waterfront Toronto has secured CAD1.25bn ($962m) in funding from the governments of Canada, Ontario and Toronto for the Port Lands Flood Protection project.
The government of Canada will contribute up to CAD384m ($295.8m), while the government of Ontario and the City of Toronto will each contribute more than CAD400m ($308.1m).
In 2016, the governments of Canada and Ontario and the city of Toronto announced CAD65m ($50m) in infrastructure funding under the Clean Water and Wastewater Fund for the Cherry Street Storm Water and Lakefilling project.
The financing will be used to protect Toronto’s Port Lands from flooding, clean up contaminated soil, unlock land ripe for development, and establish new aquatic habitats and wetlands that support native species.
The works will support the long-term transformation of the Port Lands, making possible the long-sought after dream of transforming the polluted, industrial area into a mixed-use community surrounded by parks and green space.
The investment on Port Lands Flood Protection project will be carried out over a period of seven years and will be delivered by Waterfront Toronto.
Canada prime minister Justin Trudeau said: “Canada’s waterfronts are a resource to be enjoyed by all Canadians, today and tomorrow. This project will help residents of Canada’s largest city adapt to the impacts of a changing climate while spurring local economic growth.
“With local and provincial partners, we are taking action today to protect our environment and leave a cleaner, more prosperous economy for generations to come.”