Google's parent company just reached an agreement with Toronto to plan a $50 million high-tech neighborhood

Sidewalk Labs — the urban-innovation arm of Google's parent company, Alphabet — just got the green light to plan a high-tech neighborhood on Toronto's waterfront.

On Tuesday morning, the board of Waterfront Toronto, the organization administering revitalization projects along the Canadian city's waterfront, unanimously agreed to work with the company to design the neighborhood. Final approval to physically develop the plans is likely to happen next year.