Googleâs futuristic development on the eastern waterfront, Quayside, is only the first step in an expansive and ambitious plan to build new neighbourhoods â and new transit â throughout the entire Port Lands, the Star has learned.In return for its investment in this vision, Sidewalk Labs wants a share of the property taxes, development fees and increased value of city land that would normally go to city coffers.Internal documents obtained by the Star show Sidewalk Labs plans to make the case that it is âentitled to ⌠a share in the uptick in land value on the entire geography ... a share of developer charges and incremental tax revenue on all land.âThese future revenues, based on the anticipated increase in land value once homes and offices are built on the derelict Port Lands, are estimated to be $6 billion over the next 30 years. Even a small portion of this could amount to a large, recurring revenue stream diverted from the city into private hands.Slides from a presentation given to parent company Alphabet in November, marked âproprietary and confidential,â show Sidewalk Labs does not intend to construct buildings on the majority of the Port Lands, but wants to benefit from its increased value once other developers build there.The California-based tech giant envisions redevelopment on 350 acres in the Port Lands area â an area almost 30 times larger than Quayside â by financing underground infrastructure and a light rail line. The slides also indicate Googleâs Canadian headquarters will be built on Villiers Island.Read more:Sidewalk Labs hires former Toronto councillor for Quayside projectToronto Public Library should control data collected at Quayside, Board of Trade saysAuditor generalâs report urges province to âreassessâ Quayside projectWhen the Star asked Sidewalk Labs for comment, the company confirmed the slides were authentic and provided an updated presentation that w ...
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