Waterfront Toronto has announced it seeking a development partner for the $1bn (£501m) regeneration of Toronto’s East Bay waterfront.

The Canadian inward investment agency said today at MIPIM that it wanted to find a developer to transform a 13.9 acre area on the waterfront which has received planning consent for a mix of commercial and residential development totaling 2.4m sq ft.

The redevelopment will happen on two plots called Bayside and Parkside. It forms part of a wider $3bn (£1.504bn) regeneration project encompassing 55 acres across Toronto’s waterfront.

Toronto Waterfront said it expects to select a development partner by autumn 2008.