Today, the City of Toronto and CreateTO announced Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto as the development partners for a new housing project at 2444 Eglinton Ave. E. This housing project will deliver approximately 918 homes including 612 rent-geared-to-income (RGI), affordable and market rent-controlled co-operative homes, making it one of the largest affordable housing projects in Ontario in the past 25 years and the province’s largest co-operative development. This represents a significant milestone for housing supply in Ontario, addressing the critical need for affordable housing options and fostering inclusive community through co-op housing.
Through the not-for-profit housing co-operative, the co-op buildings will be owned and operated by the people who live in them. Each of the buildings will be governed by a board of directors made up of residents who will be elected by the members of the co-op.
This project is possible through the Housing Now Initiative, which Toronto City Council approved in January 2019 to activate City-owned lands to stimulate the development of affordable rental housing within transit-oriented, mixed-income, mixed-use and complete communities.
This housing project will consist of two co-op buildings and a market ownership building. The homes will consist of a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. The site will also offer 3,580 square feet of community space as well as 12,770 square feet of retail space. This site, adjacent to the Kennedy Mobility Hub, connects four major transportation lines, fostering a truly sustainable community.
Rents for the RGI and affordable co-op homes will be set between 40 and 100 per cent of Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation, making them affordable to a range of people with varying income levels. At least 33 per cent of the affordable homes and 15 per cent of the market rental homes in the project will be accessible.
Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto were selected as the development partners through a market offering process led by CreateTO on behalf of the City in 2021. As a pilot project by the CreateTO Board of Directors, the development team will undertake the process to obtain a zoning bylaw amendment and other planning approvals required to enable the final development concept. It’s anticipated that construction will start in 2024.
Through the Housing Now Initiative, City Council approved approximately $40 million in land value and financial incentives, including a waiver of fees and charges and an exemption from property taxes, to make the project at 2444 Eglinton Ave. E. possible.
Housing Now is a key housing supply program that supports the City’s HousingTO 2020-2030 Action Plan (HousingTO Plan) target of approving 65,000 new rent-controlled homes over the next ten years. To date, the City has committed approximately $2 billion in land value, capital funding and financial incentives towards supporting delivery of the 65,000 rent-controlled homes. However, new and enhanced investments from all orders of government, as well as the not-for-profit and private sectors are critical to meeting this target.
Implementation of the HousingTO Plan, which includes programs such as Housing Now, will support the City, Government of Ontario and Government of Canada in meeting their respective housing supply, economic and population growth targets and, most importantly, provide the types of homes needed for individuals and communities all across Toronto to thrive.
More information about the Housing Now Initiative is available on the City’s website.
More information about the HousingTO 2020-2030 Action Plan is available on the City’s website.
Quotes:
“I’m pleased to announce the development partners for this site, which is helping us reach our affordable housing targets. This project is a good example of how the City, not-for-profit housing providers and private developers can work together to get affordable housing built. This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments, because we need more housing and everyone at the table to deliver it.”
– Mayor Olivia Chow
“The site at 2444 Eglinton Ave. E. offers much-needed long-term, not-for-profit affordable housing. The development will contribute to significantly boosting Toronto’s housing supply while creating a diverse, transit-oriented community for our residents.”
– Councillor Gord Perks (Parkdale-High Park), Chair of the Planning and Housing Committee
“I’m proud that the largest co-operative housing development in the province will be located in the heart of Scarborough and I’m happy to provide continuing support as this project goes through the re-zoning process. The added density from this housing project ensures the City is optimizing the value of its land and will feed the transit infrastructure needed to better serve our residents.”
– Councillor Michael Thompson (Scarborough Centre)
“CreateTO is tasked with making the best use of City land to help solve some of the city’s most pressing issues, including building more affordable homes within inclusive communities across Toronto. Today’s announcement is an example of our work and I’m incredibly pleased that such an impressive team of partners will be delivering much-needed housing on this site.”
– Vic Gupta, Chief Executive Officer, CreateTO
CreateTO was formed in 2018 as the City’s real estate agency. The organization brings together stakeholders, partners and community members to ensure the best use of the City’s real estate assets for today and tomorrow. CreateTO manages the City’s $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers client-focused real estate solutions – ensuring a balance of both community and economic benefits. More information is available on the CreateTO’s website.
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