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Ontario Construction News staff writer
The federal government says it is funding the construction of 761 rental housing units on Block 8 of the West Don Lands.
The project site is located just to the east of the popular entertainment, shopping and eating area called The Distillery District and south of the Canary District which began as the athletes village during the 2015 Pan-Am Games and is now a residential district, according to Urban Toronto.
The project’s developers include Dream Unlimited Corp., Dream Hard Asset Alternatives Trust, Kilmer Van Nostrand Co. Limited and Tricon Capital Group Inc.
The Federal government, through the Canada Mortgage and Housing Corporation, is investing $357 million to build three towers. There will be 229 affordable and 532 market value units.
The site is on provincially owned land valued at $117 million that the province is providing for building the affordable housing in downtown Toronto.
“Through the National Housing Strategy, more middle-class Canadians and those working hard to join the middle class, will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow,” MP Adam Vaughan said in a statement. “This investment is wonderful news for the Toronto middle-income families that will move into these new rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today.”
The government says in its news release that the the affordable units will range from average market rent to 40 per cent of average market rent, through all bedroom types, with three and four bedroom units accounting for 45 of the affordable units. Some 30 per cent of the apartments will be either fully accessible or adaptable.
The project is designed to achieve a reduction of 17.6% in annual energy use and 19.1% in annual greenhouse gas emissions.