Constructions begins on 390 affordable rental units, not-for-profit long-term care home in Toronto
Toronto Mayor John Tory speaks at the ground breaking ceremony Monday. (CP24)
A groundbreaking ceremony was held in Toronto Monday as the city begins construction on a new 27-storey, mixed-use building soon to be home to 380 affordable rental units.
The building, located at 844 Don Mills Road and scheduled to open in 2025, will feature 390 affordable homes, including 58 studios, 214 one-bedroom apartments, 79 two-bedroom apartments, and 39 three-bedroom apartments. The rental units will be developed and operated at Average Market Rate, which the city says will result in an affordibility period of 25 years. They did not specify projected rental costs for the units.
The site is also set to host a 122-bed not-for-profit long-term care facility, dubbed Generations, which the province says will "offer culturally appropriate services to the Ismaili community." The facility is expected to welcome residents in 2026. It will include semi-private and private rooms, larger resident common areas and air conditioning.
A daycare and retail units will also be constructed onsite.
Toronto Mayor John Tory was present for the ceremony Monday, alongside Ontario Premier Doug Ford, Prince Amyn Aga Khan and Karim Thomas, vice-president of the Ismaili Council for Canada.
“We know housing is a pressing issue that we are working to address in the city but we know we cannot do it alone,” Tory said. “This is a solid commitment that will help us create even more vibrant and complete communities across Toronto and to ensure that while our city continues to grow and thrive, our residents are able to access quality and affordable homes.”
Financing for the affordable rental units will come through the Canada Mortgage and Housing Corporation’s Rental Construction Financing Initiative.
The city’s Open Door program allowed for the allocation of $17.5M, used towards property tax, development charge exemptions and permit fee waivers – something the city said “made this site possible.”
The Open Door program provides financial incentives to support the creation of more than 21,700 affordable rental homes across Toronto, according to the city.
The HousingTO 2020-2030 Action Plan sets targets for the approval of 40,000 new affordable rental homes and 4,000 new affordable ownership homes by 2030.
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