T.O. to get 2,000 af­ford­able units

At least 30 per cent will be at or be­low mar­ket value

Metro Canada (Toronto) - - TORONTO -

Toronto is mov­ing for­ward with the de­vel­op­ment of 2,000 mar­ket-rent and af­ford­able rental hous­ing units, through a pro­vin­cial agree­ment to un­lock sur­plus land across the city.

“There are far too many peo­ple who need to live in this city, who we need to have live in this city, who we want to live in the city, who would have an in­come that wouldn’t al­low them to live af­ford­ably in this city,” said Mayor John Tory.

The rental prop­er­ties will be built on two lots in the West Don Lands, as well as the site of a multi-level park­ing lot on Grosvenor Street and the old pro­vin­cial coroner’s of­fice, on Grenville Street.

Tory’s re­marks were made dur­ing a press con­fer­ence with pro­vin­cial Hous­ing Min­is­ter Peter Mil­czyn at one fu­ture site, near St. Lawrence Mar­ket, on Wed­nes­day morn­ing.

The land will go up for sale on Thurs­day and devel­op­ers will be in­vited to sub­mit pro­pos­als, with the un­der­stand­ing the prop­erty must be used for af­ford­able and mar­ket rent hous­ing.

The province will profit from the sale but the ex­pec­ta­tion is the land will sell for less than it would if it was put on the mar­ket with no re­stric­tions, said Mil­czyn.

They hope to have the first round of pro­pos­als within a month and work could be­gin on one site next spring, he said.

Mil­czyn said at least 30 per cent or 600 rental homes will be af­ford­able. In Toronto, af­ford­able is de­fined as rental units cost­ing at or be­low the av­er­age rent across the city.

The re­main­ing 1,400 will be at the “low end” of mar­ket rent, or the av­er­age rent for sim­i­lar­sized prop­er­ties across the city.

TorsTar News ser­vice File

Hous­ing Min­is­ter Peter Mil­czyn, right, and Mayor John Tory an­nounce that 2,000 rental units would be built on un­locked pro­vin­cial lands.

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