Economics
Sidewalk Labs Plans $980 Million Investment In Toronto Hub
- Google sister company plans to take equity stake with partners
- Neighborhood would include heated bike lanes, green power grid
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Sidewalk Labs LLC., the urban innovation unit of Alphabet Inc., is proposing to team up with local partners to invest C$1.3 billion ($980 million) to get its vision for a high-tech city in Toronto off the ground.
Part of that would be a C$900 million equity investment to finance the C$3.9 billion development of a five-hectare neighborhood on Lake Ontario that will include tall-timber housing, adjustable curbs and heated bike lanes. It will also include the Canadian headquarters for sister company Google, Sidewalk said in its development plan released Monday.