Toronto Developers Contribute $6.8 Million to Create 122 New Affordable Homes
Initial funding is part of historic $17 Million affordable housing land trust co-founded by Habitat for Humanity Greater Toronto Area
Toronto, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Toronto developers Hazelview Investments and Fitzrovia have made their second of five annual payments toward a total of a $17 Million committed contribution of grants and loans that are expected to fund the development of at least 180 affordable housing units in the City of Toronto and to provide additional community space in the Bloor and Dufferin neighbourhood.
The designated recipient of the funds is the Toronto-based Land Trust, Community Affordable Housing Solutions (CAHS). CAHS has recently announced plans to invest the $6.8 Million received to date to create 122 new affordable homes as follows:
Up to 40 affordable ownership units that will include two and three-bedroom units at a future community at St. Clair Ave. and Caledonia Rd.
21 affordable rental co-op units that will be part of a new community near Symington Ave. and Dupont St.
61 affordable rental co-op units that will be part of a new community near Lakeshore Ave. and Windermere Ave.
The creation of CAHS originated as a result of an innovative collaboration between the developers, the City of Toronto, Habitat for Humanity GTA (Habitat GTA), St. Clare’s, and the community group Build a Better Bloor Dufferin.
“CAHS was founded upon the idea that developers who are willing to collaborate with City leadership, affordable housing partners, and local grassroots groups can come together to create thriving, economically diverse communities and that is exactly what is happening here,” said VP of Real Estate Development at Habitat GTA & CAHS Executive Lead Joshua Bénard. “Working together we are creating a greater variety of affordable housing options for people of all demographics as we believe this is the best way to address our housing affordability crisis. We are proud to be part of a robust non-profit sector that not only builds affordable homes but is also working to ensure these homes stay affordable for decades to come.”
At least 50% of the funds will be allocated within Toronto’s Ward 9 – Davenport in the neighbourhood of the mixed-use development planned at Bloor and Dufferin that provided the opportunity for the collaboration. In addition to the historic land trust, the developers will also provide a number of additional community benefits, including (but not limited to):
A 56-unit affordable housing will be constructed by the developers and conveyed to the City of Toronto.
A fully accessible approximately 30,000 square-foot community hub, including an 8,000 square-foot childcare centre will be built within the retained Kent School and conveyed to the City of Toronto.
A 3,580-square-metre public park to bring green space and pedestrian connectivity to the site while creating a space that can be used by the entire community.
A publicly accessible below-grade pedestrian tunnel connection to the existing Dufferin St. subway station.
Additional privately owned public spaces, including streets, plaza, and artist mews.
“We are committed to the guiding principles of this project, which include delivering a range of housing types to meet the needs of a growing and diverse population and encouraging community health and wellbeing,” said Michael Williams, Managing Partner, Head of Real Estate Development at Hazelview Investments. Williams continues, “We are proud of the innovative approach that was taken to develop this historic land trust, and believe that working creatively with partners, like Habitat for Humanity GTA, is important as we work together to build sustainable cities.”
“At Fitzrovia we are focused on building long-lasting, inclusive, and sustainable communities,” says Adrian Rocca, CEO and Founder of Fitzrovia. “This affordable housing land trust was created with these core values front of mind. We are proud to be actively working, alongside our partners, to contribute much-needed housing supply to an underserved segment of our community”.
About Hazelview Investments
Hazelview Investments is an active investor, owner, and manager of global real estate investments committed to creating value for people and places. We have an active, hands-on team that helps us find opportunities to invest in sustainable developments and we are committed to fostering the long-term growth of our employees, residents, and the investments we make for our clients. Hazelview has a proven track record of property management that spans 20 years, 6 provinces and 25 cities. To learn more visit hazelview.com.
Fitzrovia is a vertically integrated developer and asset manager of rental communities across the Greater Toronto Area with approximately $4 billion of assets under management. Fitzrovia partners with public institutions, pension plans and high-net-worth investors who have an investment bias towards long-term cash flow generating assets. The firm's "build-to-core" strategy is focused on institutional quality development of well-located rental properties near major employment nodes and/or public transit. Fitzrovia places an intense focus on active lifestyle management and offering exceptional customer service to our valued residents. Fitzrovia's customer-first approach means all design and construction decisions are deeply rooted in consumer insights to ensure our resident needs are not only met but exceeded. At Fitzrovia we think differently and build differently.
Johnny Keogh Habitat for Humanity Greater Toronto Area 647-883-7572 email@example.com Colleen Krempulec Hazelview Properties firstname.lastname@example.org Ryan Funt Fitzrovia email@example.com