Toronto’s boat repair yard is going bankrupt

Toronto’s new boat repair dockyard will soon be shuttered.

The waterfront city hall, where Mayor Rob Ford has lived and worked for decades, is being sold for $9.9 million.

“There is no plan for the future of the waterfront,” city manager Rob Ford said Monday, as he signed a lease for the dockyard that is being developed by the Toronto-based Boat Repair Yard Inc. and the Yorktown Development Corp. “We are going to make a determination on the future at that time.”

The city council has already passed an agreement to sell the dockyards, which are the second and third-largest in the city, for $8.3 million.

The two companies are leasing the space, and will use the proceeds to build a $300-million waterfront development, which is to include a condo tower and a hotel and casino.

The city will take on $5.6 million of the lease, which will be divided between the two parties.

Toronto’s waterfront was transformed by the development of the new World Trade Center in the early 1980s, and its waterfront has remained a major centre for recreation and tourism.

The docks will be replaced by a hotel, residential towers and retail, including the city’s first-ever liquor store.

“It is a major asset for our city and the province of Ontario,” Ford said in a statement.

“The future of waterfront development is uncertain.

This is not about an island or a harbour.”

The lease is the latest in a series of deals for waterfront development.

Last week, the province announced $20 million in funding to fund a $25-million “world-class waterfront development” in the heart of Toronto, which includes a hotel with 500 rooms, two condo towers and the first liquor store in the province.

Toronto has also agreed to build the $400-million World Trade Centre Gateway at the same time, along with a $500-million mixed-use development on the waterfront, as part of the same $400 million deal.

The Toronto Star reports the city is also offering a $200-million plan for a new waterfront hotel on the western edge of the city.