The federal government announced it is financing $79 million to help construct 216 residential units located at 195 Deerfield Road in Newmarket.
This project by The Rose Corporation is receiving financing through the Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered through CMHC. The program encourages the construction of a stable supply of rental housing for middle-class families in expensive housing markets and those families working hard to join them.
“Current events remind us that nothing is more important than a home. Canada’s middle-class and those working hard to join them will benefit from the construction of new rental housing,” said the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC. “Through new investments, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities families need.”
With 195 Deerfield, The Rose Corporation will be building on the success it delivered with 212 Davis Apartments, the first new privately funded purpose-built rental apartment tower Newmarket has welcomed since the mid-1980s. Part of the company’s mission is to provide diverse and attainable housing options.
“As city builders, we have a corporate social responsibility to help create more attainable rental and ownership housing alternatives within the communities in which we build,” said Daniel Berholz, President, The Rose Corporation. “We firmly believe that a healthy community is an essential tool in building a thriving corridor. By embracing public-private partnerships, The Rose Corporation’s collaboration with all levels of government – York Region, the Town of Newmarket and the federal government (CMHC) has allowed us to successfully help fill a desperate need for more affordable housing options in Newmarket.”
The new development involves the construction of a 15-storey building with 216 residential units, ranging from 1-bedroom units to 3-bedroom ground-oriented and tower units. This will be the initial phase of a 4.4-acre master-planned community consisting of three towers rising above a landscaped courtyard.
Construction commenced in March 2020, and substantial completion is expected in early 2023. Amenity spaces will include a communal 20,000 square foot park with a playground, a kids zone, fitness centre and yoga studio. The development has easy access to the VIVA bus rapid transit, bicycle parking for all residents and direct access to biking and walking trails
Designed to meet LEED Silver requirements, the building has also invested significantly into electric vehicle charging stations. At least 30 units will meet the municipal accessibility requirements, and will include units with universal and adaptable design.
About 20 per cent of Newmarket residents rely on the rental market for housing. This development represents a new supply of purpose-built rental housing in Newmarket, where the vacancy rate was 2.0 per cent as of Oct. 2019, a decrease from 2.4 per cent in Oct. 2018.