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Waterfront Toronto and Sidewalk Labs have reached a tentative deal on a controversial smart-city project that will see the Google sister company develop a smaller amount of Toronto’s waterfront than it had proposed, and that will treat any data collected through the project as a public asset, The Logic has learned.

According to several sources familiar with the negotiations, Sidewalk Labs has agreed to limit the development to the 12 acres of land known as Quayside. A dollar amount for the value of the land in question was not disclosed.

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The two sides have been in negotiations since the release of Sidewalk Labs’ Master Innovation and Development Plan (MIDP) in June, and have until Thursday to finalize an agreement that would allow the project to move forward.

Though Waterfront’s board will need to approve the agreement on Thursday morning, that is expected to be a formality.