Toronto is going ahead with high-tech Sidewalk Labs neighbourhood on its waterfront
The deal entails an additional $40 million US for Quayside development
An additional $40 million US has been secured for a plan to build a new high-tech neighbourhood at Toronto's waterfront.
Sidewalk Labs said the funding comes as the two sides signed a legal agreement on the plan. The company was chosen by Waterfront Toronto last October to present its ideas for a brand new area of the city.
According to a press release, Sidewalk Labs initially committed $50 million US to the planning phase. Sidewalk Labs spokesman Dan Levitan said another $40 million US had been committed on Tuesday.
A proposal for the project says the high-tech community would centre on sustainability and affordability.
Waterfront Toronto said the only commitment for the project at this time is creating a plan for Quayside.