On February 15, 2022, Waterfront Toronto announced the start of negotiations with Dream Unlimited Corp. and Great Gulf Group, collectively Quayside Impact Limited Partnership, for the development of the 12-acre Quayside site in downtown Toronto. This followed a competitive selection process with four contenders. Dream and Great Gulf's proposal included a multi-use arts venue for performing arts and Indigenous cultural events, a pioneering low-carbon, all-electric, zero-carbon community plan, and visionary architecture to enhance Toronto's waterfront.

Jack Winberg of Waterfront Toronto emphasized the project's role in Toronto's economic and social revitalization. George Zegarac, Waterfront Toronto's President and CEO, highlighted the anticipated benefits such as affordable housing, public spaces, and job creation. Michael Cooper, Chair of Quayside Impact Limited Partnership, stressed their commitment to inclusive, sustainable community development.

The project includes five towers, one of Canada's largest residential mass timber buildings, family-focused affordable housing, a community care hub, a 2-acre community forest, barrier-free open spaces, and Canada's first all-electric, zero-carbon master plan. It aims to offer employment and opportunities for Indigenous and equity-deserving communities.

Negotiations for a project agreement are expected to conclude by fall 2022, after which development plans will be finalized, and municipal approvals sought.