Sidewalk Labs says it is walking away from the Quayside waterfront project in Toronto, citing the “unprecedented economic uncertainty” around the world and in the Toronto real estate market.
Sidewalk CEO Dan Doctoroff says in a letter that the Google affiliated company is no longer pursuing the smart city because it has become too difficult to make the project financially viable without sacrificing core parts of its plan.
“For the last two-and-a-half years, we have been passionate about making Quayside happen,” said Doctoroff. “As unprecedented economic uncertainty has set in around the world and in the Toronto real estate market, it has become too difficult to make the 12-acre project financially viable without sacrificing core parts of the plan we had developed together with Waterfront Toronto to build a truly inclusive, sustainable community.”
At one time, Sidewalk’s proposal involved spending $1.3 billion and decking out the neighbourhood with heated and illuminated sidewalks, affordable housing, tall timber structures and innovations to support sustainability.
The project had been marred by criticism around privacy protections and intellectual property concerns and attracted complaints from business leaders and security experts alike.
Last October, Sidewalk Labs agreed to reduce the scope of the project to a 4.8-hectare site rather than as much as 77 hectares it was hoping would be built up as part of its vision. The company also agreed to abandon its proposal that a new agency be established to manage data collected from the project after Ontario’s privacy commissioner raised concerns over the lack of independent public oversight.
“The Quayside project was important to us, and this decision was a difficult one,” said Doctoroff.
“I believe that the ideas we have developed over the last two-and-a-half years will represent a meaningful contribution to the work of tackling big urban problems, particularly in the areas of affordability and sustainability.”
Waterfront Toronto said in a statement that it was not the outcome it hoped for, but it thanked Sidewalk for its efforts.
“Our collective efforts have given cities around the world new pathways to creating affordable, inclusive and climate positive communities,” it said. “Quayside remains an excellent opportunity to explore innovative solutions for affordable housing, improved mobility, climate change, and several other pressing urban challenges that Toronto — and cities around the world — must address in order to continue to grow and succeed.”
https://news.google.com/__i/rss/rd/articles/CBMiYGh0dHBzOi8vdG9yb250by5jaXR5bmV3cy5jYS8yMDIwLzA1LzA3L3NpZGV3YWxrLWxhYnMtcHVsbGluZy1vdXQtb2YtcXVheXNpZGUtd2F0ZXJmcm9udC1wcm9qZWN0L9IBZGh0dHBzOi8vdG9yb250by5jaXR5bmV3cy5jYS8yMDIwLzA1LzA3L3NpZGV3YWxrLWxhYnMtcHVsbGluZy1vdXQtb2YtcXVheXNpZGUtd2F0ZXJmcm9udC1wcm9qZWN0L2FtcC8?oc=5
2020-05-07 14:28:51Z
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