TORONTO — A new co-operative housing project in Toronto will address the critical need for affordable housing options in the city.
The City of Toronto and CreateTO announced Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto as the development partners for the project on Jan. 9.
Located at 2444 Eglinton Ave. E., the project will deliver about 918 homes including 612 rent-geared-to-income (RGI), affordable and market rent-controlled co-operative homes, making it one of the largest affordable housing projects in Ontario in the past 25 years and the province’s largest co-operative development, states a release.
The housing project will consist of two co-op buildings and a market ownership building. The homes will consist of a mix of studios, one-, two- and three-bedroom apartments. The site will also offer 3,580 square feet of community space as well as 12,770 square feet of retail space. The site is adjacent to the Kennedy Mobility Hub.
Rents for the RGI and affordable co-op homes will be set between 40 and 100 per cent of Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation. At least 33 per cent of the affordable homes and 15 per cent of the market rental homes in the project will be accessible.
Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto were selected as the development partners through a market offering process led by CreateTO on behalf of the city in 2021. As a pilot project by the CreateTO Board of Directors, the development team will undertake the process to obtain a zoning bylaw amendment and other planning approvals required to enable the final development concept.
Construction is expected to begin this year.
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