Google’s futuristic development on the eastern waterfront, Quayside, is only the first step in an expansive and ambitious plan to build new neighbourhoods — and new transit — throughout the entire Port Lands, the Star has learned.
In return for its investment in this vision, Sidewalk Labs wants a share of the property taxes, development fees and increased value of city land that would normally go to city coffers.
Internal documents obtained by the Star show Sidewalk Labs plans to make the case that it is “entitled to … a share in the uptick in land value on the entire geography ... a share of developer charges and incremental tax revenue on all land.”
These future revenues, based on the anticipated increase in land value once homes and offices are built on the derelict Port Lands, are estimated to be $6 billion over the next 30 years. Even a small portion of this could amount to a large,recurring revenue stream diverted from the city into private hands.
Slides from a presentation given to parent company Alphabet in November, marked “proprietary and confidential,” show Sidewalk Labs does not intend to construct buildings on the majority of the Port Lands, but wants to benefit from its increased value once other developers build there.