Sidewalk Labs is plotting to expand its proposal for a high-tech Toronto community by funding transit and underground infrastructure and trying to snatch up a portion of development fees and property taxes typically funnelled towards the city.
The Alphabet Inc.-backed company looking to develop a swath of the Port Lands known as Quayside in partnership with Waterfront Toronto revealed late Thursday that in exchange for funding a light rail transit line along the waterfront, the organization hopes to receive some of the profits generated from development charges and increased land value.
Sidewalk Toronto wants a cut of property taxes and development fees for Quayside. Image via Sidewalk Labs
The company says the arrangement will allow transit to be built “years, if not decades, sooner than it would otherwise,” though Sidewalk plans to pass off the operation of the transit line to a public agency. The proposal is the latest in a string of controversial plans that Sidewalk has put forward, following months of facing criticism for providing a lack of information around the project, not committing to strict enough data collection policies and not addressing questions around the ownership of intellectual property.
A series of documents released by the company say it aims to “limit Sidewalk’s role to the minimum amount necessary needed for the project to achieve its objectives to the fullest, and ensure third-party participation ? particularly in real estat...