TORONTO — The City of Toronto has announced groundbreaking for 172 affordable rental homes at 300-304 The East Mall, also known as Valhalla Village.
The project is the result of a collaboration between the city, the federal government and private sector partners led by KingSett Capital Affordable Housing LP, stated a release.
The development will include three towers and one mid-rise building, with a total of 1,135 units including 963 market and 172 affordable rental homes. Affordable homes will consist of studios, one-bedroom, two-bedroom and three-bedroom apartments.
The site will include 158 parking spots and offer 988 square feet of indoor amenity space and a public park. The site will also feature a community agency space, with the specific agency to be selected and announced at a later day.
The new rentals will remain affordable for a minimum of 40 years and be part of a larger mixed-income and mixed-use development. Affordable rents will be set at 100 per cent of the Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation.
BDP Quadrangle is the architect. Toronto City Council approved the zoning amendment for construction in September 2020. The building is estimated to be completed in 2026.
Through the City’s Open Door program, city council approved $9.87 million in financial incentives, including property tax and development charge exemptions and permit fee waivers, to support the delivery of affordable homes at the site. The federal government provided $235.9 million in fully repayable low-interest loans through CMHC’s Apartment Construction Loan program.
“Valhalla Village, which is on track to achieve zero carbon building design certification in 2024, will be the first, ground-up housing development for the KingSett Affordable Housing Fund. It will create much-needed affordable housing at a critical time for the community and for the City of Toronto,” stated KingSett CEO Rob Kumer in a statement.
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