Despite its Phenomenal Success, Waterfront Toronto Faces Uncertain Future
"As investments go, Toronto’s waterfront has turned out to be one of the best," says Christopher Hume. "Starting in 2001 with $1.5 billion of public finding and 810 hectares of prime lakeside real estate, Waterfront Toronto has since signed private-sector deals worth $2.6 billion and created 16,000 full-time years of employment."
"Having spent $1.26 billion of its seed money, the agency will soon run out of cash," notes Hume. "That makes it a matter of some urgency."
"Waterfront Toronto’s success comes at an auspicious moment for the city. Given Mayor Rob Ford’s often repeated disapproval of government spending, it’s important to remember that public sector investment can pay off handsomely."