Sidewalk Labs says its proposal for a creative and inclusive community relies, in part, on a “willingness” by Waterfront Toronto to discount the price of the land to make building the affordable housing viable.What Google’s sister firm is imagining for its smart-city neighbourhood on the eastern waterfront is an innovative and cost-effective community, which now includes a promise to have 50 per cent purpose-built rentals and a commitment that 40 per cent of overall housing be sold or rented at below-market rates, based on presentations made to media Monday. The proposal released Monday looked at Quayside, a 12-acre section near Parliament St., as well as nearby Villiers West. Villiers West is land that belongs to the city and is not part of the existing deal. Sidewalk argues it needs to “scale up” its plan to make some aspects, such as its housing plans financially viable. “Given its ambitious objective to deliver affordable housing along the waterfront, Waterfront Toronto’s willingness to negotiate a price for the land in Quayside that recognizes these requirements is a critical component of filling the remaining cost gap of the proposed housing program,” as stated in the draft master innovation and development plan, part of a four-book collection of materials breaking down Sidewalk Labs’ latest pitch. Quayside is expected to be home to 4,500 people, living in 10 buildings across five sites. The properties will be a mix of commercial and residential units and could host roughly 3,900 jobs, the reports state. Read more:Sidewalk Labs vows its 190-acre waterfront plan will be ‘economic windfall’ for TorontoSidewalk Labs says it won’t pay upfront costs for new LRT critical to ‘smart city’ waterfront development5 key take-aways from Sidewalk Labs’ master plan for Quayside and Toronto’s waterfrontThe broad strokes in terms of affordability is that 40 per cent of “al ...
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