Established in 2001 as a public–public partnership between the City of Toronto, Province of Ontario and Government of Canada, the organization is administering several blocks of land redevelopment projects surrounding Toronto Harbour and various other initiatives to promote the revitalization of the area, including public transit, housing developments, brownfield rehabilitation, possible removal of the Gardiner Expressway in the area, the Martin Goodman Trail and lakeshore improvements, and naturalization of the Don River.

The projects include a series of wavedeck walkways and gathering places designed by West 8 and DTAH.

[7] The organization is directed to support the following policy objectives of the three levels of government: Source: Waterfront Toronto[8] The President and CEO of Waterfront Toronto is George Zegarac, who joined the organization in 2019 after a 33-year tenure in the Ontario Public Service.

The East Bayfront Precinct, where the building is located, is intended to be an important public destination as well as provide a range of housing and commercial opportunities.

The LEED rating system recognizes leading-edge buildings that incorporate design, construction, and operational practices that combine healthy, high-quality, and high-performance advantages with reduced environmental impacts.