Palace Pier Park is right next to the Humber River Arch Bridge, right on the Martin Goodman Trail.
From this park you can see the CN Tower, and avoid all the crowds of the lake front near Ontario Place.
When walking along the MGT towards downtown, you will have beautiful condos on your left, a butterfly area on your right (grassy area between the trail and the water), and the Arch Bridge landmark right ahead.
The park gets its name from an amusement pier development from the 1920's that was built on this site. There is a monument for the pier (that only ever made it through first phase development) to check out. Sadly, the building burned down in the 1960's.
Great spot for taking photos, grabbing an ice cream cone from one of the vendors, and checking out the inukshuk's on the rocky shoreline.