T.O. to get 2,000 affordable units
At least 30 per cent will be at or below market value
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.
Housing Minister Peter Milczyn, right, and Mayor John Tory announce that 2,000 rental units would be built on unlocked provincial lands.