Oxford Properties Group broke ground on Scarborough’s first major purpose-built rental development in over a generation.
Situated on a 3.4-acre parcel of land on the west side of Oxford’s Scarborough Town Centre (STC) shopping mall, the development will consist of three residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable. The towers will sit atop two seven-storey podiums featuring both residential and retail space. The project is the largest single-phase rental development currently under construction in Toronto.
The community, which will be named Alta, will accommodate a broad unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes. The project will be in close proximity to Scarborough Centre TTC station, which is also serviced by GO Transit, and the future Scarborough Subway Extension.
The entire project is being designed to promote wellbeing and community building through the inclusion of extensive indoor and outdoor amenities, such as lounge areas, co-working spaces, a children’s playroom, fitness facilities, and a new 22,000-square-foot public park at the south end of the development. The completed project seeks to reduce its environmental impact by using a geothermal heating and cooling system that will reduce overall energy use by 55% and greenhouse gas emissions by 74 per cent.
“This generational project signifies a model we hope to replicate across Canada in the years to come, and with CMHC as a funding partner, we’re confident it will serve as a prime example of the power of public-private partnerships to work together to address the housing challenges in Canada’s largest cities,” said Daniel Fournier, executive chair at Oxford Properties.
The project is backed by a $650 million loan through Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program. This represents the largest single loan issued out of Toronto that CMHC has approved and committed to through the ACLP.
Alta marks the first development within Oxford’s recently approved master plan for STC.
Feature photo: Oxford executives Steve Nightingale, Sherif Masood, Tyler Seaman, Liz Murphy, Daniel Fournier, Lena Choi, Alysha Valenti along with The Honourable MP Michael Coteau.
