Today, the City of Toronto, the Government of Canada and KingSett Capital Affordable Housing LP celebrated the opening of 217 new affordable rental homes at 15 Gibbs Rd. in Etobicoke.
The affordable homes are part of a larger redevelopment, known as West Square, a mixed-income, mixed-use community. When the entire redevelopment is complete, West Square will include a total of 1,135 homes, with 788 market rental homes and 347 affordable rental homes.
The project was made possible through a partnership between the City, the federal government, and KingSett Capital, on behalf of KingSett Affordable Housing LP (KingSett), demonstrating how collaboration between governments and the private sector can help increase rental housing options for Toronto residents.
The affordable rental homes include a mix of studio, one-bedroom, two-bedroom and three-bedroom homes to accommodate a range of household sizes and needs. Rents will remain affordable for a minimum of 40 years, helping provide long-term housing stability for low- and moderate-income households.
Community development and investments
In addition to the new housing, the broader development includes a public park, shared indoor amenities, space for community organizations to operate in the future and homes close to transit in a growing Etobicoke neighbourhood.
The City continues to support West Square through approximately $11.9 million in financial incentives for the first phase of the project, under its Rental Housing Supply Program (RHSP), including exemptions from development-related fees and charges, and property tax exemptions, to enable the delivery of the affordable rental homes. The RHSP supports the creation of new rental homes to help advance the City’s HousingTO 2020-2030 Action Plan.
This project is one of 50 affordable housing projects currently under construction across Toronto that will help create over 14,000 new homes, including more than 4,200 affordable rental homes for current and future generations.
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