Toronto Kennedy Co-Ops | 142.55m | 41s | CreateTO | Henriquez Partners

HousingNowTO said:
Terms were later released - https://secure.toronto.ca/council/agenda-item.do?item=2023.RA4.5
The final proposed development will provide a wide range of City-building components, some of which were part of the requirements as set out in the Market Offering, and some of which are in addition to the market offering, as proposed by the developer:

  • Providing at total of 612 (67 per cent) non-profit co-operative rental housing units with 50 per cent of the co-operative rental housing units being affordable rental.
  • It is intended that being a non-profit rental housing co-operative, that 100% of the rental units will be affordable in the long term.
  • Annual increases in rent for in-situ market tenants not to exceed the Provincial guideline plus two percent.
  • Achieving Toronto Green Standard Version 3 Tier 2.
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2444 Eglinton Avenue East will be one of the largest affordable housing projects in Ontario in the past 25 years and one of the largest co-operative developments the Province has ever seen.

This proposal offers precisely the kind of long term, non-profit affordable housing stock so desperately needed, and will significantly move the needle in terms of mixed-tenure development typologies currently in the City.


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Outstanding!
 
From the latest tracking report to CreateTO:

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Very Ambitious!

Here's the link to the news release:

www.toronto.ca

City of Toronto and CreateTO announce development partners for one of Ontario’s largest co-operative and affordable housing projects

News Release January 9, 2024 Today, the City of Toronto and CreateTO announced Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto as the development partners for a new housing project at 2444 Eglinton Ave. E. This housing project will deliver approximately...
www.toronto.ca www.toronto.ca

From the above:

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Northern Light said:
Very Ambitious!
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[Sept. 2020] "...on this lot beside Kennedy station (which also sports an abandoned, one-storey auto repair shop) Smart Density illustrates, in an eight-page report, that three towers – one at 36 storeys, another at 20 and a third at 19 – would provide more than 800 units, a community centre, school and daycare facility."

www.theglobeandmail.com

Toronto advocacy group fights for more rental units at city-owned ‘lazy land’

Advocates are working to ensure that when the City of Toronto builds affordable housing on a valuable patch of land in Scarborough through its ‘Housing Now’ initiative, the maximum number of units get built
www.theglobeandmail.com www.theglobeandmail.com

Good to see that the City and their development partners have tried to "Maximize the Affordable Housing opportunity" at KENNEDY station... and that our HNTO volunteers' early-stage advice was within ~15% of the required unit-density that they have landed on in 2024.

Important to note that no OPA or ZBA was processed on this specific Housing Now site at KENNEDY before it went to RFP.

Therefore, the Province will need to agree to either a Ministerial Zoning Order (MZO) or Community Infrastructure and Housing Accelerator (CIHA) order in 2024 to avoid the expected specious OLT appeal from the Condo-Association at Rainbow Village.
 
STOREYS story - https://storeys.com/toronto-eglinton-east-housing-project/

LoL'd at the closing-line of the article - "Construction is expected to start on the Eglinton project this year, though no specific date was provided."

There's almost ZERO chance that this site breaks-ground in 2024, unless there's already a big tri-partite deal arranged between the City, the Province and the Feds.
 
The Don Montgomery Community Centre and Arena is walking distance to this site and will create a lot of great synergy! Luminato has used the facility.
 
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