Firm touts its affordable housing
THESTAR. COM/ GTA Sidewalk Labs releases its draft site plan for contentious development called Quayside
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’ tech-driven development project envisions 12 buildings, none of which exceed 30 storeys.