A portion of Toronto's waterfront is set to undergo a nearly $1.2 billion flood protection project that will lead to a makeover of the area.
Prime Minister Justin Trudeau, Ontario Premier Kathleen Wynne and Mayor John Tory announced the Toronto Port Lands Flood Protection project at a joint news conference on Wednesday.
Trudeau says global warming over the past decade has resulted in increased flooding in urban areas and the project will provide flood protection through the creation of a naturalized mouth for the Don River.
WATCH: Here's what Toronto's Waterfront agency expects the Port Lands will look like after a $1.2 billion facelift. https://t.co/Wcjn87XBC5
— NEWSTALK1010 (@NEWSTALK1010) June 28, 2017
It will also help clean up contaminated soil, unlock underused industrial land for development, and establish new aquatic habitats and wetlands that support native species.
WATCH: Mayor Tory says the Port Lands redevelopment project will be a major boost to Toronto's economy even before the 1st new home is built pic.twitter.com/oSrjI5lxuJ
— NEWSTALK1010 (@NEWSTALK1010) June 28, 2017
The plan calls for the long-term transformation of the port lands into mixed-use communities with residential and commercial development -- including affordable housing -- surrounded by parks and green space.
WATCH: Prime Minister Justin Trudeau says it's worth spending $1.25 billion to revamp the Port Lands b/c all the jobs it'll create. #TOpoli pic.twitter.com/7AxJ5B6z5d
— NEWSTALK1010 (@NEWSTALK1010) June 28, 2017
The federal government will contribute up to $384 million to the $1.185 billion project, while Ontario and the City of Toronto will each contribute more than $400 million.