Google will eventually move into the Canadian smart campus, the report said.
Dan Doctoroff, founder and CEO of Alphabet subsidiary Sidewalk Labs -- which focuses on innovation in urban environments -- told the Collision Conference in Canada of the timeline for the project, according to CNBC.
The report said Doctoroff will submit a proposal next month, and after negotiations is hoping to break ground on the buildings by the end of 2020. The buildings would open in either late 2023 or early 2024.
"These things take time, but that doesn't mean we can't begin to see the real fruits from a quality of life benefit perspective within a few years after the place opens up," Doctoroff is reported as saying. "We would significantly expand Google's presence in Toronto and move the head Canadian headquarters down to the waterfront."
Sidewalk Toronto quoted Doctoroff as saying at the Collision Conference that the company is "very focused on bringing in Canadian partners from a real estate, infrastructure and technology perspective. Part of this is to encourage the local tech ecosystem to grow."
Canadian Prime Minister Justinproject on the waterfront along Lake Ontario back in 2017.
The development was originally designed to house just Sidewalk Labs, but Google later said it would join it.
"This project offers unprecedented opportunities for Canadian innovators and will create thousands of good, middle class jobs," Trudeau said at the announcement alongside Alphabet Executive Chairman Eric Schmidt.
Google didn't immediately respond to a request for comment.
First published at 4:02 p.m. PT on May 22.
Updated May 23 at 9:30 a.m. PT: Headline changed from "opening around 2023" to "could open around 2023" if it is approved.