Toronto announces development partners for co-op and affordable housing project

Ontario Construction News staff writer

Civic Developments, Windmill Developments and the Co-operative Housing Federation of Toronto have been selected as the development partners for a new housing project at 2444 Eglinton Ave. E. in Toronto.

The housing project includes 918 homes with 612 rent-geared-to-income (RGI) units, affordable and market rent-controlled co-operative homes, making it one of the largest affordable housing projects in Ontario in the past 25 years. It will also be the province’s largest co-operative development.

“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,” said Vic Gupta, CEO, CreateTO. “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.”

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.

“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 rezoning process,” said Scarborough councillor Michael Thompson. “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.”

Two co-op buildings and a market ownership building will consist of a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. The site will also have 3,580 square feet of community space and 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.

Housing Now is a 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 \$2 billion in land value, capital funding and financial incentives towards supporting delivery of the 65,000 rent-controlled homes.

More information about the Housing Now Initiative is available on the City’s website.

“The site at 2444 Eglinton Ave. E. offers much-needed long-term, not-for-profit affordable housing,” said Councillor Gord Perks. “The development will contribute to significantly boosting Toronto’s housing supply while creating a diverse, transit-oriented community for our residents.”

CreateTO was formed in 2018 as the City’s real estate agency.


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