Toronto city council voted unanimously in favour of Waterfront Toronto remaining in control of the Port Lands on Wednesday after Mayor Rob Ford's administration ditched a plan to wrestle the area away from the agency.

Confronted with vehement opposition over a plan to seize control of the area, Ford told reporters that he and his council allies were considering working with the waterfront agency on the future of the Port Lands.

Early drafts of the agreement stated that Waterfront Toronto would remain the lead agency developing the 988-acre industrial area.

City staff recommended "accelerated timelines" for the development, with both sides agreeing that five to 10 years is a better goal than the previous 20 to 25.

Ford told reporters on Wednesday that he wasn't "backing down" on his vision for the waterfront, but rather seeking a "win-win" solution for everyone.

"Whatever the critics have been saying they've been saying it for 11 years now," he said. "I don't listen to the critics I listen to the taxpayers."

John Campbell, CEO of Waterfront Toronto, said that the Fords' proposals for the waterfront served as a way to get people thinking about the area.

"Part of the process we go through is to look at those ideas and see if we can put them in," he said.

A petition with 7,000 names was presented to City Hall by the members of Code Blue, a grassroots coalition against the Fords' vision for the waterfront.

"It's a huge victory, I think for the victory of Toronto," said Code Blue member Cynthia Wilkey, chair of the West Don Lands Committee.

Coun. Paula Fletcher told CTV Toronto on Tuesday evening that she was pleased with the compromise.

"The people of Toronto over the last few weeks have just been saying this is our waterfront," she said. "It doesn't belong to me, it doesn't belong to one councillor, it doesn't belong to one mayor."

Coun. Doug Ford, the mayor's brother, announced his hope to seize control of the Port Lands in late August. His vision for the area included a monorail, ferris wheel and mega-mall.

When he declared his plan for the area, Ford said he was fuelled by a desire to speed up the development of the Port Lands.

"We want to accelerate this plan and move it forward," he told CTV Toronto in late August.

Waterfront Toronto has spent years designing a plan for the Port Lands. The agency has spent close to $20 million in consultations and studies for the area, according to CEO John Campbell.

The Port Lands is bounded by the Don River to the north, Lake Ontario to the south, Toronto Inner Harbour to the west and Ashbridges Bay to the east.

With a report from CTV Toronto's Scott Lightfoot