Firm touts its af­ford­able hous­ing

THES­TAR. COM/ GTA Side­walk Labs re­leases its draft site plan for con­tentious de­vel­op­ment called Quay­side

StarMetro Toronto - - TORONTO - Dono­van Vin­cent HOUS­ING RE­PORTER

FULL STORY AT Side­walk Labs un­veiled a draft site plan for its tech-driven neigh­bour­hood on Toronto’s water­front Thurs­day, claim­ing a large por­tion of the con­dos and rental units there will be af­ford­able.

The site plan en­vi­sions 12 build­ings, none of which ex­ceed 30 storeys, each with a mix of res­i­den­tial units on top and re­tail below.

Side­walk, a sis­ter com­pany of Google, is a Man­hat­tan­based firm spe­cial­iz­ing in ur­ban in­no­va­tion. Its project would be built on a 12-acre par­cel of land at Queens Quay and Par­lia­ment St. called Quay­side.

Nearly 70 per cent of the project would be res­i­den­tial. It will be roughly split 50-50 between con­dos and pur­pose­built rental units, for a to­tal of 2,500 units.

About 5,000 peo­ple will live there if the project gets built, a process that would take three to five years af­ter ap­provals. Forty per cent of the units would be “be­low­mar­ket hous­ing,” which would break down this way:

A to­tal of 20 per cent af­ford­able rentals, in­clud­ing five per cent “deep af­ford­able” — de­fined as less than the CMHC’S av­er­age mar­ket rent for the GTA.

15 per cent “mid- range” rentals (100 per cent to 150 per cent of av­er­age mar­ket rent)

Five per cent shared eq­uity pur­chases for mid­dle in­come house­holds un­able to af­ford the full down­pay­ment for a condo.

Crit­ics pounced on the an­nounce­ment.

SIDE­WALK LABS

Side­walk Labs’ tech-driven de­vel­op­ment project en­vi­sions 12 build­ings, none of which ex­ceed 30 storeys.

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