M II A II R II K
Senior Member
Finally, railway lands to see affordable housing
March 14, 2010
Patty Winsa
Read More: http://www.thestar.com/news/gta/article/779794--finally-railway-lands-to-see-affordable-housing
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It turns out the recession has been a boon to Toronto’s affordable housing supply. In recent years, condo towers have sprouted like dandelions on the old railway lands surrounding the foot of the CN Tower, but it took an injection of cash from the federal and provincial governments’ $540 million economic stimulus package to finally get construction going on an affordable rental buildings. Work began in January on a 422-unit 40-storey rental tower, on land transferred to the Toronto Community Housing Corporation by the city. The apartments will rent at 80 per cent of market rates.
The land was deeded to the city in 1994, when the CNR sold off the former railway yards for development. The city’s official plan at the time called for 20 per cent of large developments to be set aside for community housing. The area is now the site of City Place, a multi-tower condominium development by Concord Adex. “The funding window has come together in this sort of convergence where the building is going on,†says Sean Gadon, director of the city’s affordable housing office. “It couldn’t be at a better time.â€
The city set aside $21 million for the project in 2006, but hopes to get a further $18 million in stimulus funding this month that’s needed to complete the building. If that money doesn’t come through, Gadon says some of the units will be rented at market rates to cover costs. Toronto has received more than $100 million in stimulus funding to construct about 1,200 affordable-housing units, as approved by council in September. Those units include 179 in the redeveloped Queen St. site of the Centre for Addiction and Mental Health; 62 senior units in Deauville Place, in Flemingdon Park; 210 units at Chichester Place, near Victoria Park and Sheppard Ave.; and 237 units at 485 Patricia Ave. in the Bathurst St. and Steeles Ave. W. area.
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March 14, 2010
Patty Winsa
Read More: http://www.thestar.com/news/gta/article/779794--finally-railway-lands-to-see-affordable-housing
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It turns out the recession has been a boon to Toronto’s affordable housing supply. In recent years, condo towers have sprouted like dandelions on the old railway lands surrounding the foot of the CN Tower, but it took an injection of cash from the federal and provincial governments’ $540 million economic stimulus package to finally get construction going on an affordable rental buildings. Work began in January on a 422-unit 40-storey rental tower, on land transferred to the Toronto Community Housing Corporation by the city. The apartments will rent at 80 per cent of market rates.
The land was deeded to the city in 1994, when the CNR sold off the former railway yards for development. The city’s official plan at the time called for 20 per cent of large developments to be set aside for community housing. The area is now the site of City Place, a multi-tower condominium development by Concord Adex. “The funding window has come together in this sort of convergence where the building is going on,†says Sean Gadon, director of the city’s affordable housing office. “It couldn’t be at a better time.â€
The city set aside $21 million for the project in 2006, but hopes to get a further $18 million in stimulus funding this month that’s needed to complete the building. If that money doesn’t come through, Gadon says some of the units will be rented at market rates to cover costs. Toronto has received more than $100 million in stimulus funding to construct about 1,200 affordable-housing units, as approved by council in September. Those units include 179 in the redeveloped Queen St. site of the Centre for Addiction and Mental Health; 62 senior units in Deauville Place, in Flemingdon Park; 210 units at Chichester Place, near Victoria Park and Sheppard Ave.; and 237 units at 485 Patricia Ave. in the Bathurst St. and Steeles Ave. W. area.
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