Ontario Construction News staff writer
The Canada Mortgage and Housing Corporation is investing more than $650 million to support a major new rental development in Scarborough, marking the area’s first purpose-built rental project in more than a generation.
Federal financing, delivered through CMHC’s Apartment Construction Loan Program, will support the construction of Alta, a three-tower development on the west side of Scarborough Town Centre. The 3.4-acre site will house 1,285 rental units across towers of 45, 41 and 35 storeys. Of the total, 268 units will be designated as affordable.
The project — being led and constructed by Oxford Properties Group, the real estate arm of OMERS — is currently the largest single-phase rental development under construction in Toronto, aiming to ease housing pressure in a historically undersupplied area.
Daniel Fournier, executive chair of Oxford Properties, said breaking ground on Alta is a major milestone as the company looks to scale similar projects across the country.
“This generational project signifies a model we hope to replicate across Canada,” said Fournier. “With CMHC as a funding partner, we’re confident it will serve as a prime example of the power of public-private partnerships.”
Alta is the first development under Oxford’s recently approved master plan for Scarborough Town Centre, which includes the eventual construction of more than 10,000 residential units across 89 acres. The plan aims to create a dense, transit-oriented, mixed-use community centred on the Scarborough Centre subway station.
The City of Toronto is also backing the Alta project through its Rental Housing Supply Program. Mayor Olivia Chow called the initiative a vital step in addressing Toronto’s housing needs.
“We are building more affordable homes to address the housing crisis,” said Chow. “This project will create 1,285 new homes for Torontonians, including studios, one-, two- and three-bedroom apartments and townhomes.”
In addition to housing, Alta will include a 22,000-square-foot public park, co-working areas, a children’s playroom, fitness facilities and outdoor gathering spaces. The buildings will use a geothermal heating and cooling system, reducing energy use by 55 per cent and greenhouse gas emissions by 74 per cent compared to traditional systems.
“This development not only puts our members’ dollars to work right here in Ontario, but it does so in a project that is being supported by federal funding which in turn will help maximize the Province and City of Toronto’s substantial investment in rapid transit to Scarborough,” said Blake Hutcheson, president and CEO of OMERS.