When a team of archeologists began digging at a downtown CityPlace site in mid-March, they hoped they might find some evidence of the area's past. If they were lucky, they thought, they might find remnants of the 19th century wharf at the site, which marks the city's original shoreline.

They did soon discover pieces of wharf, but also came across something even more significant.

While working alongside excavators on a property near Bathurst Street and Lake Shore Boulevard Monday afternoon, the team discovered the vestiges of a 19th century ship about six metres underground – believed to be the oldest vessel ever found in the city.

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"They weren't sure at first what it was. It was only when they cleaned it up a little more thoroughly that they realized what they had," said David Robertson, senior archeologist at Archaeological Services Inc., a firm hired by developers Concord Adex. The city requires developers working on projects of a certain size to conduct archeological assessments before construction. Concord plans on eventually building a condo tower atop the property.

As far as discoveries go, this one was far from complete. After a full day of painstaking work, the archeologists were only able to uncover the ship's keel, the lower portions of the stern and bow, and portions of the bottom of the hull. The 12-metre ship, Mr. Robertson said, likely dates back as early as the 1830s.

But along with it, they also found a treasure-trove of 19th century artifacts: ceramics, broken tableware, and even an American penny that they've dated back to the 1816 to 1839 period.

"It's a really interesting find," said Mr. Robertson. "It's evocative of Toronto harbour, which was always a very busy place. And, together with the wharfs we've found over the years, we're getting a pretty good sense of what the harbour was like in the 1800s to 1900s."

He said he believes the ship may have been "scuttled," or deliberately sunk, at the time to serve as "scaffolding" for workers building the wharf.

Until the late 19th and early 20th century, Front Street in downtown Toronto roughly marked the city's waterfront, and the area south of it today is the result of a massive landfill.

Councillor Joe Cressy, whose downtown ward the schooner was found in, called the discovery "part of the old and new coming together" in the city.

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"We often think of ourselves as a new city and a new country," he said. "But there's a tremendous history. And it's exciting in an area like CityPlace, where there's so much development and growth … meanwhile, you dig down and guess what you find? A boat from the early 1800s."

Concord Adex, meanwhile, issued a statement saying they were "truly proud" of the discovery. "Findings such as this mark an important juncture of history and innovation – where our past meets our future," said the company's director of construction, Michael Hopkins.

But as significant as the find may be, Mr. Robertson said it likely won't be preserved.

Similar discoveries in the past – including a late-19th century ship when they were building the SkyDome, and an early 20th century boat from when the Air Canada Centre was under construction – were not saved.

"It's a very difficult process and a very expensive process," he said. "Just to get these things out of the ground takes massive effort. … Right now in Toronto, there's certainly no one of the capability of doing it."