The money from the federal and provincial governments will be used to preserve the site and turn it into an interpreted historic site and educational resource.

The teams will be invited to respond to a request for proposals for the downtown Toronto project, which is considered one of the last pieces of prime waterfront real estate in the city.

Teams led by EllisDon, PCL and SNC-Lavalin have been shortlisted to respond to the project RFP, with award expected late next year.

The town put a freeze on new developments until such time as its water-treatment plant could be expanded to continue to serve local businesses and homeowners. The selection of a design team is the first step toward increasing plant capacity by 2025.

The city’s Net Zero Existing Buildings Strategy aims to decarbonize all existing residential, commercial and institutional buildings within the next 30 years, while its updated Toronto Green Standard targets net zero emissions in new developments by 2030.