A mixed-use, master-planned community is set to emerge at the prominent intersection of Bloor Street West and Dufferin Street in Toronto, introducing 1,000 new rental units to the market. To bring the impressive project to life, Hazelview Investments recently secured one of the largest Canada Mortgage and Housing Corporation (CMHC)-insured loans issued under the MLI Select program, provided by First National Financial LP.

“Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors,” said Michael Williams, Head of Development at Hazelview Investments. “The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance.”

According to Williams, Hazelview’s application to CMHC qualified under both the energy efficiency and accessibility categories of the MLI Select program.

“The development surpassed baseline requirements, resulting in a total of 120 points above the program’s maximum benefits threshold,” he said. “By aligning our strategy with housing priorities across all levels, we can access top-tier financing solutions that enhance project performance and mitigate long-term risk.”

CMHC’s MLI Select program is an “innovative financing solution” for multi-unit housing projects focusing on affordability, accessibility, and climate compatibility. Through the program, developers can earn points based on their commitment to prioritizing all, or some, of these areas, with better insurance incentives for projects that earn higher points.

Hazelview’s Bloor and Dufferin project aims to exceed the National Energy Code for Buildings (2017) with savings of roughly 40 per cent, earning it the full 100-point energy efficiency incentive. Plans for the community include an array of systems and features intended to drive meaningful reductions in both energy consumption and greenhouse gas emissions while also leading to enhanced indoor comfort, better air quality, and reduced utility costs for future residents.

On the accessibility front, the project achieved an additional 20 points through Rick Hansen Foundation Level 1 certification, having complied with CSA B651:23, ensuring that all homes are 100 per cent visitable and all common areas are barrier-free.

But more than just a “one-off” project, the Bloor and Dufferin property is part of a broader vision by Hazelview to deliver long-term community value. In addition to the development site itself, a $79.8 million community benefits package has been added—including a $12.5 million cash contribution to establish land trusts to create and support additional affordable housing. According to Williams, these elements were designed with the surrounding neighbourhood in mind, with housing, amenities, and infrastructure integrated into one connected plan.

Community benefits include:

• a new City-owned community hub and daycare on the first two floors of the former Kent School building
• an 8-storey building with 56 purpose-built units for City-run affordable rental housing
• a new bus-accessible public road that prioritizes safety and public transportation
• a new public park
• an underground pedestrian tunnel liking residents to the Dufferin TTC subway station

“Bloor Street is one of those centrepieces of Toronto,” said Barry Gidney, AVP, Commercial, First National Financial LP. “It’s a historic street that defines the east-west spine of the city. Hazelview’s vision for this landmark corner of Bloor St. W and Dufferin Ave., helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale. They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It’s the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision.”

When complete, the Bloor and Dufferin development will include several residential buildings, office and retail space, ample green space, private and public streets, key community services, and direct access to the Dufferin subway station. Hazelview and Fitzrovia took over as co-development managers for the project in 2021, with a shared aspiration to create “a world-class example of community-oriented, pedestrian-first, mixed-use urban design,” and soon that will vision will become a reality.

Check back for updates, or visit:  Bloor & Dufferin – Hazelview.