That’s obviously an ambitious project, but some of the groundwork is already being laid: Alphabet’s Google will be the flagship tenant for the new neighbourhood, anchoring the easter waterfront, to be called “Quayside,” and Sidewalk Labs has committed $50 million to kick off pilot testing and planning in partnership with the City of Toronto.

Sidewalk Labs won the contract through its response to a Request for Proposals issues by Waterfront Toronto, and organization created by the Canadian federal government, the Ontario provincial government and the City of Toronto together to foster development of Toronto’s lakefront areas in ways that address urban sprawl while respecting the realities of climate change and taking into account the ability of the city’s residents to get around efficiently.

Ultimately, the partners hope to turn the area into a “place for tens of thousands of people to live, work, learn and play – and to create and advance new ideas that improve city life,” according to a release from Sidewalk.

A community town hall event will start things off in terms of involving city residents and stakeholders in the process, with that planned for November 1st.

Alphabet Chairman Eric Schmidt, along with Sidewalk Labs CEO Dan Doctoroff, Canadian Prime Minister Justin Trudeau (yes the dreamy one), Ontario Premiere Kathleen Wynne and Toronto Mayor John Tory announced the news at a live press conference on Tuesday near the anchor development site.