Newmarket will soon have more stable rental housing options including affordable units.
Ahmed Hussen, minister of families, children and social development announced this week that the federal government is providing $79 million toward construction of 216 residential units at 195 Deerfield Rd.
“Current events remind us that nothing is more important than a home. Canada’s middle-class and those working hard to join them will benefit from the construction of new rental housing. Through new investments, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities families need,” Hussen said in a press release.
This project by The Rose Corporation is receiving financing through the Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC). The initiative supports rental housing construction projects and encourages a stable supply of rental housing for middle-class families in expensive housing markets.
The Rose Corporation also built 212 Davis Apartments, the first new privately funded purpose-built rental apartment tower in Newmarket since the mid 1980s. Part of the company’s mission is to provide diverse and attainable housing options.
“As city builders, we have a corporate social responsibility to help create more attainable rental and ownership housing alternatives within the communities in which we build,” said Daniel Berholz, president, The Rose Corporation. “We firmly believe that a healthy community is an essential tool in building a thriving corridor.”
Through a public-private partnerships, The Rose Corporation’s collaboration with all levels of government – York Region, the Town of Newmarket and the federal government (CMHC) will fill a desperate need for more affordable housing options in Newmarket, Berholz said.
The development involves the construction of a 15-storey building with 216 residential units, ranging from 1-bedroom units to 3-bedroom ground-oriented and tower units. This will be the initial phase of a 4.4-acre master-planned community consisting of three towers rising above a landscaped courtyard.
Amenity spaces include a communal 20,000 square foot park with a playground, a kids zone, fitness centre and yoga studio. Designed to meet LEED Silver requirements, the building has also invested significantly into electric vehicle charging stations
Construction started in March 2020, and substantial completion is expected in early 2023.