Exact design plans are still unclear, but the company has released preliminary renderings of what it imagines the 12-acre district, called Quayside, could look like.
The city of Toronto and Footpath Labs call the larger project “Footpath Toronto.”
Technology will be a big part of the masterplan, Footpath Labs CEO Dan Doctoroff said at a press conference on Tuesday.
“This will not be a place where we deploy technology for its own sake, but rather one where we use emerging digital tools and the latest in urban design to solve big urban challenges in ways that we hope will inspire cities around the world,” he said.
Check out the Footpath Labs vision for Toronto’s Eastern Waterfront below.
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Called Quayside, the neighbourhood's plan will prioritise 'environmental sustainability, affordability, mobility, and economic opportunity,' according to Footpath Labs. Here's an aerial view of the waterfront's construction.
From the renderings, it looks like Footpath Labs wants Quayside to be a mixed-use, pedestrian-friendly neighbourhood.
At the conference, Canadian Prime Minister Justin Trudeau said that the development will house 'tens of thousands.'
Footpath Labs has committed $50 million to the project's first phase, though the development could cost at least $1 billion. With a recent $996 million investment from Canada's local and national government, Waterfront Toronto will build infrastructure that helps protect against flooding.
In March 2017, Footpath Labs submitted its proposal to redevelop the waterfront parcel. Toronto hired several independent urban design and financial experts to evaluate the bids over the past several months.
The planning process will kick off with a community town hall on November 1, 2017.