A major obstacle to waterfront revitalization could finally have been overcome.

Word that a partnership of developers from Toronto and New York has purchased the 5.54 hectare site at the foot of Parliament St. at Lake Shore Blvd. with the intention of constructing 2.4 million square feet of mixed-use buildings could be the next step in unlocking the vast economic potential of this long neglected precinct.

Though details are few, the property is key to opening up the Don Lands and reconnecting the area to the city. Though it seems increasingly unlikely that the Gardiner Expressway will ever be torn down, even east of Yonge St., much can be done to bring the waterfront closer to downtown, if only psychologically.

The only recognizable features on the site now are the old Victory Soya Mill silos, which date from the mid-1940s. Built by industrialist E.P. Taylor, these enormous structures were used until 1991 when they closed down. Since then, one set of silos has been demolished and the survivors have sat empty.

Taylor chose the location because of its proximity to shipping, by both water and rail. Those factors count for less today, which means the land is free for other, more urban, uses. That could be anything from residential and commercial to cultural, corporate and institutional.

Just a decade ago, Home Depot tried to open a big-box outlet on the property east of the silos, but the Ontario Municipal Board turned down the proposal. Since then, nothing has happened.

What makes the site significant is its location at the east end of the central waterfront. It overlooks the Keating Channel and serves as a gateway of sorts to the Lower Don, which could eventually be home to tens of thousands of residents.

Given that streetcars will eventually run east along Queens Quay and south down Cherry St., the land will become much sought-after as a place to live, work and play.

Already, the old Gooderham and Worts Distillery directly north has been remade into a cultural/retail destination. Dating back to the 1830s, it was also abandoned before being bought by a local developer and transformed. By all accounts, that project has succeeded, and the number of nearby condo towers continues to grow.

However, with the election of Rob Ford as mayor of Toronto, there has been concern that waterfront revitalization could be threatened. Keep in mind that the mayor automatically has a seat on the board of Waterfront Toronto, which allows him direct input.

The agency’s commitment to design excellence could also take a beating at the hands of a civic administration that looks no further than the bottom line. The story of the waterfront arena with four stacked ice rinks is a good example; Ford has already made it clear he has no use for the proposed $88 million facility.

But this is a private sector development which means no taxpayer money would be involved. On the other hand, without considerable public funding on infrastructure projects such as parks, sewers and the LRT, the real estate would be worth little as the location of future neighbourhoods.

Loading... Loading... Loading... Loading... Loading... Loading...

Since Waterfront Toronto was created a decade ago, its strategy has been to concentrate on infrastructure in the expectation that private sector development would follow. That approach has worked well; so far builders have anteed up more than $1.5 billion.

The devil is in the details, of course, and they have yet to be drawn up. It may be early days still, but the process is well underway.