You guys should make a pitch to Humber College. They've got a great property on Humber Bay where they house their sailing and powerboat centre.
http://sailing.humber.ca/
Maybe you could convince them to dabble in the paddling game? Given that they already own their own waterfront property and dockspace, running a modest DB program could might even be profitable for them. It wouldn't be that big an investment to pick up a couple boats for student teams and/or renting to public teams.
Humber Bay is proctected water, with a reasonable west end location (Lakeshore & Park Lawn) that has both steetcar access and a huge amount free public parking at Humber Bayfront Park.
Just an idea.