267-275 Merton (CreateTO and ?, ?s, ?)

[Northern Light]

In a report to the next meeting of CreateTO's Board, we learn that a developer recently purchased 267 Merton Street and subsequently approached the City, who own the adjacent site at 275 Merton. The developer is offering to construct purpose-built rental, including rent-controlled and affordable units should the City's land be available for combined site development. Very interestingly, the developer is actually proposing to sell its land to the City, then lease back the entire site for 99 years.

https://www.toronto.ca/legdocs/mmis/2024/ra/bgrd/backgroundfile-242935.pdf

From the above:

More detail:

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Whew! Now that everyone is past the TL : DR bit..... let me say, this sounds extremely promising.

Lets have a look at the site as is:

Aerial Pic:

Site Size: ~30,000ft2

@HousingNowTO is duly flagged.

 

[HousingNowTO]

Noted, thx!

 

[AlbertC]

Refreshing collab to create much-needed purpose-built and affordable rental housing

A private developer of a site at 267 Merton St. has offered to the city an opportunity to collaborate on an affordable housing project

streetsoftoronto.com

A private developer of a site at 267 Merton St., in midtown Toronto, has offered to the city an opportunity to collaborate on an affordable housing proposal that would incorporate the neighbouring offices of Toronto Water at 275 Merton St.

The site at 267 Merton St. is overly narrow for any meaningful project, and is currently home to a single detached dwelling and an auto body shop. There is no development application submitted for the site, which is located on a street lined with mid-rise apartment buildings ranging up to approximately 14 storeys.

The proposal has emerged from discussions between CreateTO staff and the developer, who is looking to harness underutilized space to introduce purpose-built rental homes, with a core focus on delivering affordable housing options.

Josh Matlow, the city councillor in whose ward the development is located, is positive towards the plan.

“In the midst of a housing crisis, it’s refreshing to see a proposal that includes such a large number of affordable units. That’s what we need more of,” he said. “We look forward to working with the applicant on a plan that leaves our community better, and more affordable, that they found it.”

The proposal involves the transfer of 267 Merton St. (554 square meters) to the city of Toronto for nominal consideration to be merged with the city-owned 275 Merton St. property (2,211 square meters). This amalgamation would pave the way for a purpose-built rental development, secured through a 99-year land lease to the private developer. The joint properties would undergo a rezoning process to attain the requisite height and density for the envisioned project.

Under the terms of the proposal, the developer assumes responsibility for all entitlements, design, and construction aspects of the development. Market rental units, affordable rental units, and public realm enhancements are integral components of the project, with funding allocated for the off-site relocation of the Toronto Water offices. The project will also align with the city’s goal of achieving a minimum target of 30% affordable rental units.