Toronto has announced plans to build one of the biggest affordable housing facilities in the province.
The proposed site at 2444 Eglinton Avenue East will boast 918 homes, including 612 rent-geared-to-income and market rent-controlled co-operative properties.
The city and CreateTO announced Civic Developments, Windmill Developments and the Co-operative Housing Federation of Toronto as its development partners for the project in a news release earlier this week.
It will be one of the largest affordable housing facilities built in Ontario in the past 25 years and the province’s largest co-operative development.
“This represents a significant milestone for housing supply in Ontario, addressing the critical need for affordable housing options and fostering inclusive community through co-op housing,” city staff said in the release.
The co-op homes will be owned and operated by the occupants and each of the buildings will be run by a board of directors made up of elected residents chosen by members of the co-op.
The housing project will consist of two co-op buildings and a market ownership building alongside a mix of studios, one- to three-bedroom apartments, 3,580 square feet of community space, 12,770 square feet of retail space and will be connected to four major transit lines.
“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,” Mayor Olivia Chow said in a statement.
Councillor Gord Perks, who is also the chair of the Planning and Housing Committee, echoed Chow’s sentiments saying he was happy to provide ongoing support for the project, and that it will optimize the value of the city’s land as well as feed the transit infrastructure needed to better serve Toronto residents.
The project was made possible through the Housing Now Initiative, which was approved by city council in January 2019, in turn activating city-owned lands to encourage the development of affordable rental housing within transit-oriented, mixed-income, mixed-use and complete communities, according to the city.
The project is still in its pre-development phase. The city did not provide a time frame for construction.
