The proposed development known as Quayside—located near the Queen’s Quay in eastern downtown Toronto—will likely feature 12 buildings made up of residential, retail and commercial units.
Part of the Google family, Sidewalk Labs is behind the future community that intends to revolutionize urban living through intelligent technology. Certainly, this new development will put pressure on other builders to respond to changing demands the next generation of homeowners and professionals.
Growth for Jobs and Opportunities
Though approximately five years out, the plans are to utilize light rail transit bridges and walking trails. It is also expected to create 9,000 construction jobs while the community is being built, and approximately 4,000 more jobs throughout the area because of it. The company also wants much of its residential space, fit for roughly 5,000 people, to be more affordable than the current Toronto real estate market.
There is a large commercial aspect to Quayside. Sidewalk Labs wants to appeal to both new and established businesses who can offer residents a variety of services while fitting into the ideology of the development.
The company wants to focus on the positive environmental implications of having solar panels on the roofs and geothermal wells to reduce carbon emissions up to 85 percent. It strives to reduce energy by 20 percent using an artificial intelligence building management system.
Sidewalk Labs is currently looking for partners to move the project along; however, it has been somewhat secretive about how much more funding it requires to come to fruition.
While Sidewalk Labs and Toronto could co-fund the project, it would be a massive investment and every dollar would need to be accounted for and Sidewalk labs would need to make all expenditures public. That is the crux of leveraging tax dollars.
If Sidewalk labs decides to solely fund the development, they would require construction and management partners, neither of which would be cheap.
Unknown Completion Date
These new or confirmed details aside, the project has many unknowns factors, such as when construction will begin, who will help sell the units, and what Torontonians can expect the finished product to look like. Most developers underestimate timeframes, too, so it is unclear when this exciting venture will realistically be ready. Interested parties can anticipate something new and different, though.