Over 200 affordable housing units are set to be built in Downtown Toronto.
Situated at the city’s Yonge and College corridor, the 700-unit strong development will be located in close proximity to College TTC subway station, the University of Toronto, the University Avenue hospital network and the downtown financial core.
30% (210) of these units will be designated affordable, revealed Cary Green, Chairman of Greenwin Inc, who announced the plans on Monday.
“Today is an important milestone in Toronto’s development history,” he said. “Our city is in need of affordable housing and we are excited to partner with the Ministry of Housing and the City of Toronto to deliver on this important objective in creating sustainable, affordable housing in a mixed-income setting. Together, with our partner CREIT, we are looking forward to executing on this unique opportunity.”
The property is being acquired in partnership with CREIT as part of the first phase of the Provincial Affordable Housing Lands Program, which was established to leverage provincial land assets in order to develop a mix of market and affordable housing across Ontario.
Greenwin and CREIT promise to deliver a two-tower, purpose-built rental community with approximately 700 units, 30% of which will be maintained as affordable rental housing for a period of 40 years.
“We are delighted to expand our partnership with Greenwin on this well-located property,” added Rael Diamond, President and Chief Operating Officer of CREIT. “Development projects of this calibre are difficult to acquire, so we are very pleased to have the opportunity to add this project to our development pipeline.”