More affordable housing is coming to the Distillery District area.
Thirty-six per cent of an 836 unit condo complex project will be affordable housing, according to a Waterfront Toronto draft plan. The spot, a West Don Lands parking lot north of the Distillery District, is the site. Right now, it's used by car dealerships for vehicle storage or as parking during special events such as the Christmas Market.
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The plan shows that the project consists of three buildings (45.5 m, 45.5 m and 49.25 m tall). The unit distribution rolls out like this:
- first building - 264 market units and 109 affordable units
- second building - 259 market units and 116 affordable units
- third building - 62 market units and 26 affordable units
- total units - 585 market units and 251 affordable units
According to the draft plan "the West Don Lands will be redeveloped into diverse mixed-use communities" and is only one part of a larger plans for the West Don Lands.
The affordable housing project for the parking lot is supported by the Ontario’s Affordable Housing Program and Toronto’s Open Doors program.
READ: 651 Affordable Housing Units Have Been Proposed For Toronto
Federal funding for the project was announced back in June by Spadina-York MP Adam Vaughan. Via the Canada Mortgage and Housing Corporation (CMHC), the feds are investing $357 million. According to Urban Toronto, the site is part of $117 million worth of provincially owned land that the Province is donating toward building affordable housing around the Downtown core.
The developers of the site are Dream Unlimited Corp., Dream Hard Asset Alternatives Trust, Kilmer Van Nostrand Co. Limited, and Tricon Capital Group Inc.
