Earlier today, Mayor Olivia Chow celebrated the start of construction of 725 new rental homes, including 218 new affordable rental homes, at the first Housing Now site to break ground that will create new mixed-income, complete communities on City-owned land.
The Mayor was joined by Councillor Brad Bradford (Beaches-East York, Chair of the Planning and Housing Committee and CreateTO Board Director), Councillor Paula Fletcher (Toronto-Danforth, Board Director, CreateTO), Abi Bond (Executive Director, Housing Secretariat, City of Toronto), Gregg Lintern ( Chief Planner and Executive Director, City Planning, City of Toronto), Vic Gupta (Chief Executive Officer, CreateTO), Ken Tanenbaum (Vice-Chairman, Kilmer Group) and Andrew Joyner (Managing Director, Tricon Residential).
The development of 5207 Dundas Street West has been awarded to the Kilmer Group and Tricon Residential. The City, in partnership with CreateTO, Kilmer Group and Tricon Residential, is supporting the delivery of this project as part of 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.
About the development
The site will deliver 725 residential homes, including 30 per cent affordable rental homes, 218 units, and 507 market rental homes. Rents for affordable homes will range from 40 per cent to 100 per cent of the Average Market Rent (AMR). This means that the homes will be affordable to a range of households, including those in need of deeply affordable rental housing.
The development will include a mix of unit types from one-bedroom to four-bedrooms. It will also include retail uses providing amenities and services to support residents’ needs and public spaces for community gatherings and events. In addition, the development will support the City’s climate action objectives and target Toronto Green Standard Version 3, Tier 3, with zero carbon certification.
Investments
The City has invested $77 million to decommission the former Six-Points Interchange, also known as the ‘Spaghetti Junction’ in Etobicoke. Six-Points was replaced by a new network of streets, unlocking almost 18 acres of land and creating seven blocks for redevelopment. The 5207 Dundas Street West development is one of five blocks identified for additional rental housing development through Housing Now. Other blocks include the proposed Etobicoke Civic Centre (ECC) location, a new Toronto Public Library branch, and new City parks. The five development blocks will include at least 2,781 residential homes, 904 of which will be affordable rental homes.
Housing Now
Housing Now is a signature affordable housing program in Toronto and across Canada. It is also a key housing supply program that supports the City’s HousingTO 2020-2030 Action Plan target of 40,000 new affordable rental homes and Housing Action Plan 2022-2026 target of 285,000 homes by 2031. To date, the City has committed more than $1.3 billion in land value, capital funding and financial incentives to the program, making Housing Now one of the most significant municipal financial investments in housing underway today.
Since Housing Now was approved in January 2019, City Council has allocated 21 prime transit-oriented sites. To date, 10 of these sites have been re-zoned and market offerings have been completed for six of them. Construction at two other shovel-ready sites, 50 Wilson Heights Blvd. and 140 Merton St., is expected to begin before the end of this year.
Overall, Housing Now aims to deliver 10,000 affordable rental homes within mixed-income, mixed-use and complete communities by 2030. However, new and enhanced investments from all orders of government and the non-profit and private sectors are critical to meeting this target. Implementation of 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 housing needed for individuals and communities to thrive.
On May 11, Council adopted the Housing Now 2023 Progress Update report. The report provided an update on Housing Now. It recommended urgent actions for all orders of government to unlock purpose-built affordable and market rental housing supply in all neighbourhoods across Toronto.
View the full Housing Now 2023 Progress Update report on the City’s website.
Information about the City’s 2020-2030 HousingTO Action Plan is also available online.
The City’s Housing Action Plan 2022-2026: Priorities and Work Plan report to Executive Committee is also available on the City’s website.
Quotes:
“Building more affordable housing is critical to creating a city that’s accessible and inclusive to everyone. The City is committed to increasing the supply of affordable housing so that people of all different income levels and occupations can afford to live here. The City’s Housing Now program is a great example of how strong partnerships between multiple levels of government, the private sector, the non-profit sector and the local community can help us build the housing we need. As the new Mayor, I’ve made building more affordable housing a top priority. I welcome other orders of government to partner with us as we endeavour to build even more affordable housing for the people of Toronto.”
– Mayor Olivia Chow
“Today marks a significant achievement for our city and our community. We are breaking ground on the first Housing Now project, creating more diverse communities through mixed-income, mixed-use and transit-oriented projects on City-owned land across Toronto. As the Chair of the Planning and Housing Committee, I am proud of our part in moving this initiative forward because together, we are making Toronto a more affordable, inclusive and livable city for everyone.”
– Councillor Brad Bradford (Beaches-East York), Chair of the Planning and Housing Committee and Board Director, CreateTO
“Many Torontonians are struggling with finding affordable housing that meets their needs. Housing Now allows us to improve housing affordability and better support people and families in the greatest need of housing. Together with our community, private and government partners, we are working to create diverse housing options that will benefit every Torontonian and improve the overall livability of our city.”
– Councillor Paula Fletcher (Toronto-Danforth)
“Through City programs like Housing Now, we are accelerating the delivery of much-needed affordable housing. I’m excited to welcome this Housing Now site to Etobicoke-Lakeshore, and I know this site will make a lasting impact on our community. I can’t wait to welcome our new neighbours into their homes.”
– Councillor Amber Morley (Etobicoke-Lakeshore)
“CreateTO strives to help solve some of the City’s biggest social and economic issues through bold and impactful real estate solutions and we are committed to helping provide much-needed affordable housing. I’m excited that construction has begun at the first block of the Bloor-Kipling site, and I’d like to thank all our partners for their hard work in helping us get to this point. Collaboration from all levels of government and the private sector makes us stronger and the ability to deliver affordable housing easier. I’m looking forward to many more Housing-related groundbreakings.”
– Vic Gupta, Chief Executive Officer, CreateTO
“We are incredibly proud to partner with the City of Toronto to increase the supply of rental housing in North America’s fastest growing city and, in doing so, add much-needed affordable units within this complete community. The Kilmer-Tricon Partnership has a demonstrated track record of partnering with all three levels of government to deliver innovative large, scale mixed-income rental communities that strengthen the fabric of our City, and 5207 Dundas will make a positive and lasting impact on the heart of Etobicoke for generations to come.”
– Andrew Joyner, Managing Director, Tricon Residential
“We are thrilled to celebrate this significant milestone alongside our partners, the City of Toronto, CreateTO and Tricon Residential. Not only will this community deliver much-needed housing, it will also create an architectural landmark that all Torontonians will be proud of, thanks to exceptional designs by Henriquez Partners Architects, Smoke Architecture, and Claude Cormier et Associés. We’re grateful for the shared commitment by all our partners and consultants in delivering this transformative community.”
– Ken Tanenbaum, Vice-Chairman, Kilmer Group
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 website.
Kilmer Group is the privately held Toronto-based investment holding company of Canadian business leader and philanthropist Larry Tanenbaum O.C. Kilmer operates in three verticals, 1) real estate and infrastructure, 2) sports, entertainment and media and 3) private equity. Kilmer’s operations employ over 22,000 people with a long-term, multi-generational horizon of vision. Kilmer brings an entrepreneurial and solutions-driven approach to project delivery.
Kilmer has more than 40 years of experience in the construction and development industry in Canada and continues to maintain a focus on the infrastructure sector. Kilmer has extensive expertise in large-scale redevelopment and a focus on unique public-private partnerships, mid-rise urban infill projects, and master-planned communities. Kilmer is proud to have had a hand in the development of over 12,000 homes. For more information, please visit www.kilmergroup.com.
Tricon Residential Inc. (TSX: TCN, NYSE: TCN) is an owner and operator of a growing
portfolio of approximately 37,000 rental homes in the U.S. and Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon’s culture and business philosophy.
Tricon was the first mover to enter Toronto’s purpose-built rental apartment sector with scale in 2016 and is today the market leader and most active developer in the marketplace. We partner with celebrated architects to create inviting living spaces and inspired amenities, deliver exceptional service with the support of an innovative technology platform, and build resident communities through programming that fosters meaningful connections. At Tricon, we have reimagined rental living. For more information, visit www.triconresidential.com.
Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.