Following a competitive two-stage bidding process, Waterfront Toronto has selected prominent Toronto real estate developer Great Gulf Group of Companies to lead the first private sector development in the emerging East Bayfront neighbourhood. The agreement, which includes the sale of the Parkside development site, is now before Toronto City Council for approval.

Designed by world-renowned architect Moshe Safdie, Parkside will be a premier residential and commercial complex within Waterfront Toronto’s new waterfront community of East Bayfront. Known for its design-driven philosophy and award-winning projects, Great Gulf Group will construct an innovative mixed-use project that will enhance the new community taking shape on Toronto’s eastern waterfront.

Offering stunning views of Lake Ontario, the building will be a dramatic new addition to Toronto’s skyline with green, plant-covered roofs and lush, stepped gardens. In addition to residential units, the development will feature ground floor retail, a daycare centre and potential office and cultural space. Ultimately, the project is expected to deliver a $200 million private sector investment in the community.

“With Moshe Safdie and Great Gulf Group on board, Parkside will be a trailblazer in re-developing Toronto’s waterfront,” said Mayor David Miller. “This project is a clear indication that imagination and creativity are key to our vision for a green, 21st century urban waterfront.”

“We welcome today’s announcement and are pleased to see private sector investment in waterfront revitalization that compliments the public investment made by the Government of Canada,” said Federal Finance Minister Jim Flaherty.

Read the full press release ‘here‘.

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