Sep 10, 2012

By Michael Kramer

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A major Toronto real estate development has been given the green light.

Mayor Rob Ford’s executive committee has approved the 30-year revitalization plan for the Port Lands –  the vast  waterfront site east of Cherry Street and south of Lake Shore Boulevard.

The project will cost approximately 1.9 billion dollars  with most of the funding coming from the private sector, land sales and development fees.

The plan was prepared by the city and Waterfront Toronto.

It  envisions a neighbourhood with 87-hundred housing units, office and retail space, and a 375-room hotel.

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