The City of Toronto and CreateTO have named Civic Developments, Windmill Developments, and Co-operative Housing Federation of Toronto as the development partners for a new housing project at 2444 Eglinton Ave. E. When complete, the project will deliver 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.
“I’m pleased to announce the development partners for this site, which is helping us reach our affordable housing targets,” said Mayor Olivia Chow. “This project is a good example of how the City, not-for-profit housing providers and private developers can work together to get affordable housing built. This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments, because we need more housing and everyone at the table to deliver it.”
Consisting of two co-op buildings and a market ownership building, the site also includes 3,580 square feet of community space and 12,770 square feet of retail space. 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; additionally, 33 per cent of the affordable homes and 15 per cent of the market rental homes will be accessible.
“The site at 2444 Eglinton Ave. E. offers much-needed long-term, not-for-profit affordable housing,” said Councillor Gord Perks (Parkdale-High Park), Chair of the Planning and Housing Committee. “The development will contribute to significantly boosting Toronto’s housing supply while creating a diverse, transit-oriented community for our residents.”
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.
This project was made possible by the Housing Now Initiative, a program launched in 2019 to activate City-owned lands and stimulate the development of affordable rental housing. Construction is anticipated to start in 2024.
