City of Toronto announces development partners for third Housing Now site

Subscribe to the OCN Daily Newsletter!

Receive a free update of the latest Ontario Construction News each morning

Ontario Construction News staff writer

The City of Toronto and CreateTO have awarded development of the Housing Now site at 777 Victoria Park Ave. to Alterra Group of Companies and Mahogany Management. Last month, the city announced development partners for the Housing Now sites at 50 Wilson Heights Blvd. and 705 Warden Ave.

Construction at 777 Victoria Park Ave. is slated to begin in Q2 2022.

Across the three sites, developers will build almost 2,600 new homes, including more than 2,100 rental homes, of which more than 1,000 will be affordable rental homes.

The two-acre site at 777 Victoria Park Ave., located just north of Danforth Avenue, will include a minimum of 508 residential homes, including 254 affordable rental homes and 254 market rental homes.

The development will also house a new childcare centre, retail and community space, and new publicly accessible open space alongside at least 20 per cent accessible affordable rental homes and 15 per cent accessible market rental homes.

777 Victoria Park Ave. is one of 21 city-owned sites included in the Housing Now initiative. Earlier this month, City Council expanded the program, adding Phase Three, which includes four new sites to the 17 previous sites included in Phases One and Two. \

It is estimated that the 21 sites within the Housing Now initiative will create more than 14,600 new residential homes across the city, including more than 10,000 rental homes – 5,500 affordable rental homes.

vic park site

Affordable homes created through Housing Now will create a range of transit-oriented housing options for a range of incomes and create child-care, community space and parks.

Development partners were selected through a competitive market offering process launched by CBRE Limited on behalf of the City and CreateTO, in the fall of 2019.

Toronto is developing affordable units on Housing Now sites by leveraging an estimated $925 million in land value and offering financial incentives through the Open Door program, including waiving development charges, planning and building fees, and parkland dedication fees, and providing relief from property taxes, for the affordable component of each project. To date, these incentives are valued at more than $433 million.

Construction at 777 Victoria Park Ave. is slated to begin in Q2 2022.

“Today is National Housing Day and I’m proud that we’re able to announce the development partners for yet another Housing Now site,” Toronto mayor John Tory said in a statement. “I’m pleased this new mixed-income, mixed-use development at 777 Victoria Park Ave. will deliver more than 250 new affordable rental homes in Scarborough.”


Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.