- Alphabet (GOOG, GOOGL) subsidiary Sidewalk Labs officially announces plans to develop 800 acres of waterfront property in Toronto.
- The Sidewalk Toronto project, also called Quayside, will become an “internet city” with Wi-Fi hubs, smart city innovations, and autonomous driving test locations.
- Sidewalk Labs makes a $50M commitment to the project that The Wall Street Journal estimated to cost over $1B.
- The company will have a town hall on November 1 to talk to the community followed by a year-long outreach program to make neighbors more comfortable with the project.
- Statement from Prime Minister Trudeau: ““Today's announcement is about creating a new type of neighbourhood that puts people first. Sidewalk Toronto will transform Quayside into a thriving hub for innovation and a community for tens of thousands of people to live, work, and play.”
- Previously: WSJ: Alphabet nearing potential $1B land deal in Toronto (Oct. 4)