The city may buy 71 suites in a proposed waterfront condo development, to use as affordable housing for lower-income renters.
If the plan introduced Tuesday is approved by council, the city would use about $15 million from federal and provincial housing grants to buy dozens of suites in the Bayside building.
The building is part of a waterfront development plan near Queens Quay East and Bonnycastle Street that includes residential and commercial space.
The units purchased from Hines Canada Management Co. and its residential development partner Tridel Corp., would be owned and operated by a non-profit housing group, which would contribute an additional $7.5 million in equity and mortgage. The city would be expected to pay construction costs.
A final plan will contain more details on the total costs when it’s presented to city council in May.
The purchase is the first step in an agreement with Hines that will eventually include 20 per cent of the waterfront development, or 1,260 units, as affordable housing options. An additional 5 per cent of the development will be designated as minimum low-end-of-market sales.
While mixed-income neighbourhoods exist in Toronto already, like the Regent Park project, the city has never designated affordable housing space to this scale before.
Bayside’s 5.2-hectare site is part of an 809-hectare waterfront revitalization.
Hines is promising more than two million square feet of residential, office, retail and cultural space in Bayside.
With files from CTV Toronto’s Natalie Johnson.
