Some Of Toronto’s Biggest Developers Are On Board With ‘Housing Now’

The City of Toronto’s dedicated housing agency, CreateTO, released an update on the ‘Housing Now’ initiative earlier this month, and one of the bigger takeaways: there are some major names in development that will be instrumental in bringing these projects to fruition.

Off the top: the planned developments are set to draw in the likes of KingSett Capital, Greenwin, Tridel, Kilmer-Tricon, Ellis Don, and Windmill — just to name a few.

The June 5 update from CreateTO Chief Executive Officer, Vic Gupta, gets into the specifics of the forthcoming Housing Now projects, and, in part, identifies three “priority housing sites”: 5207 Dundas Street West, 140 Merton Street, and 50 Wilson Heights Boulevard. In other part, the update reveals four “sites with secured proponents,” as well as seven that are “zoned and on track to secure a proponent.”

In total, the City of Toronto has identified 22 sites across Toronto for Housing Now since the program was launched. Collectively, these sites are estimated to produce over 16,000 new homes, with approximately one-third of those being affordable rentals.

Site: 5207 Dundas Street West

Partners: Kilmer Group, Tricon Residential

Construction is now underway at the 5207 Dundas Street West site, and it marks the first Housing Now site of the bunch to make material progress — but it does come over four years after the initiative’s initial launch, mind you, which speaks to the program’s sluggish and somewhat haphazard start. In any case, the project will eventually lead to the delivery of 725 new residential homes, including 218 affordable rental homes. First occupancy is expected by 2027.

CreateTO's update notes that the site is one of five blocks at Bloor Kipling that were identified for housing development through Housing Now, and that those five development blocks will deliver at least 2,781 residential homes, 904 of which will be affordable rental homes.

Site: 140 Merton Street

Partners: Missanabie Cree First Nation, Ellis Don Community Builders

140 Merton Street is another “priority” site that is set to bring 294 new rental homes in a 29-storey tower to the site near the intersection of Yonge Street and Davisville Avenue. Plans for this particular project were filed in mid-May, and CreateTO’s update notes that construction launch is targeted for September 2024.

The site plan application that was filed last month is reflection of revised zoning, which seeks to add 11 more storeys to what was originally planned. “The City’s Priority Development Review Team continues to work with the Proponents on key site plan items in an effort to expedite the formal site plan review process," Gupta writes. "The proponent’s CMHC application was approved by CMHC’s credit committee on March 20, 2024.”

Site: 50 Wilson Heights Boulevard

Partners: Greenwin, Tridel, KingSett

The third “priority site” is at 50 Wilson Heights Boulevard, and is currently planned to accommodate 1,484 new residential homes, including 520 affordable rental homes, 520 market rental homes, and 444 market condominium homes. Like the Merton Street project, construction is now expected to launch in 2024.

CreateTO's update additionally notes that the project includes a new childcare centre, commercial space, a park and a community space for non-profit organizations, and that "the proponent team is working on clearing conditions for 'release for construction of services' to enable mobilization and site servicing construction launch of Phase 1 of the project, together with a site plan resubmission filed on March 5, 2024."

Site: 2444 Eglinton Avenue East

Partners: Windmill, Civic Developments, Co-operative Housing Federation of Toronto

A development application has recently come into play for the 2444 Eglinton Avenue East site, and that project is poised to mark quite a milestone for affordable housing for both the city and the province. Plans involve three new towers, including a 31-storey building that will rise alongside 19- and 41 storey co-op buildings. With 919 new units proposed — including 306 affordable co-op units, 306 non-profit market co-op units, and 307condos — the development is expected to be “one of the largest affordable housing projects in Ontario in the past 25 years and the province’s largest co-operative housing development.”

“This site was identified as a pilot to assess if this approach (i.e., developer-led rezoning) shortens the overall timelines (including securing in-force zoning for the site) for the ultimate delivery of constructed and occupied affordable housing units,” Gupta’s update notes. “This pilot will assess regulatory risks, financing, financial savings, and quality and report back to the Board with the results of that assessment.”

Site: 777 Victoria Park Avenue

Partners: Alterra, Mahogany

The site at 777 Victoria Park Avenue is on track to accommodate 705 new residential homes, and that figure includes 256 affordable rental homes. Management’s negotiations with the selected proponents have settled and renegotiated business terms were discussed this week at CreateTO’s June 19, 2024, board meeting.

“The proponents are simultaneously pursuing a minor variance process to add market density to the project which is targeted for July 24, 2024 meeting of the Committee of Adjustment,” Gupta writes. “An associated Design Review Panel meeting also took place on May 15, 2024, with enabling construction of the -pick-up and drop off targeted for Fall 2024.”

Site: 705 Warden Avenue

Partners: Greenwin and KingSett

Comparatively, things are a less far along with respect to the 705 Warden Avenue site — it’s anticipated to include 600 total homes, including 250 affordable rental units. Those figures are subject to change, as the development partners are “simultaneously pursuing a zoning amendment process to add market density to the project,” according to CreateTO’s update.

Negotiations with the selected proponents are “ongoing, including weekly meetings to proactively advance issues,” the update further says. “In light of expected flexibility with CMHC and federal government changes regarding HST, CreateTO staff are working to bring this agreement to a close. Renegotiated business terms are targeted for approval by Q4 2024.”

Site: 263 Queen’s Wharf

Partner: Hines

Preliminary targets for 263 Queens Quay East — also known as Block R6 Bayside — are a minimum of 498 total rental homes, including 234 affordable rentals. As for the partnership with Hines Canada, Gupta writes that the negotiations have “substantially advanced” and that, “a final business case, with consideration for existing development rights granted to Hines through the master Bayside Project and Land Development Agreement, is targeted for the September 27, 2024, board meeting.”

Gupta adds that “based on existing Council authorities related to Block R6 Bayside, following Board approval of a deal with Hines, City Council approval of the negotiated deal will also be required.”