Thanks to a number of new federal and provincial tax breaks introduced last year, purpose-built rental is having a moment in Toronto. Even so, Town Centre Place by Atria Development is shaping up to be something of a standout.
Atria broke ground on its Town Centre Place project this week. With nearly 1,600 units planned for the site at 1680 Brimley Road in Scarborough, this is the largest purpose-built rental development to begin construction in the GTHA in 2023 or thus far in 2024, according to a press release from Tuesday.
“More than fifteen years in the making, the Town Centre Place project embodies Atria's commitment to providing high-quality, sustainable living spaces,” the release also says. “This innovative approach is expected to achieve a 50% reduction in greenhouse gas emissions and a 40% reduction in annual energy consumption.”
The project will be delivered in phases, with the first phase of the project bringing 38- and 40-storey towers and 900 “beautifully appointed” rental units to the area by 2027. The first phase has been made possible thanks to a $500M investment, Tuesday’s release notes.
Renderings of proposed amenities. (Atria Development)
Upon completion, the Town Centre Place development will tout a variety of amenities, including those that are pretty standard to see in a multi-residential development, such as a gym and sauna, as well as a host of others, such as a spin studio, a basketball half-court, a banquet hall, a kid’s play zone, a workshop, a theatre, a games room, and outdoor garden terraces. The second phase of the project will add two more rental towers, as well as a daycare facility and public plazas to the development.
“We are not just building rental units; we are shaping the future of how communities live, interact, and thrive in Ontario. The Town Centre Place development is a testament to our commitment to sustainable, high-quality living and our role as a reliable partner in urban development,” said Atria President, Hans Jain, at the groundbreaking ceremony on Tuesday.
Ontario Premier Doug Ford was also in attendance at the groundbreaking; he congratulated Atria on taking advantage of the Province’s recent efforts to cut red tape, taxes, and government fees “that stand in the way of new housing.” Ford was joined by Associate Minister of Housing Rob Flack and Toronto City Councillor Michael Thompson.
“This is an impressive investment in the community that will benefit the people of Scarborough for decades to come,” said Flack. “We’re looking at a project that will build homes for thousands of people, while using geothermal technology that will reduce the building’s carbon footprint and lower energy costs for residents.”