Mayor John Tory says a new private development project on Toronto’s waterfront will be a “job-creating jewel” for the city.
Tory, alongside federal Finance Minister Joe Oliver and provincial Economic Development Minister Brad Duguid, announced Friday that Menkes Developments will be building a 350,000 square foot Waterfront Innovation Centre next to Sugar Beach.
Those heading up the project aim to attract 2,000 employees to the centre from both the creative and technology sectors.
The project, which will be 100 per cent privately funded, also includes an ultra-high-speed broadband fibre-optic network.
“This is an important day in the life of what I think is one of Canada’s most exciting urban renewal projects,” Tory told reporters Friday.
“It is a job-creating jewel with compatible, sensible design in a spectacular location. People will want to come here to develop their ideas and to create jobs for others and to bring about innovation.”
Construction on the building is expected to begin in late 2016 and will likely take two and a half years to complete.
“I think it is a perfect example of how public and private enterprises can work together to drive economic development in Toronto,” Tory said.
