Why Toronto's lakeshore area is so underdeveloped and boring?

It is impressive to see that there is nothing by the lake just some old factories, I believe the city should take more advantage of it, I was thinking of living by the lake but it is expensive and there is nothing there

All cities in the world have stuff by their lakes and have a very upscale and nice views

-London has the London eye, and the milenium bridge and tons of stuff
-Chicago has a beach, has the lakeshore drive and the navy pier
-New York, needles to say, has everything by the lake, including the glorious Brooklyn Bridge
-San Francisco has lots of restaurants and shops by the lake
-Montreal has some sort of park and even some areas that freeze in the winter
-Vancouver has the waterfront
-Even Belfast in the UK has stuff by the lake some restaurants and nice places

...And the list could go on, all cities in the world have beautiful stuff by the lake except Toronto, why is that?