The Victoria Park Avenue  project is set to include 705 new rental homes, including 256 affordable and 449 rent-controlled market units.

Last week, we saw Toronto City Council consider the fate of dozens of development projects, and among those was a new affordable housing hub coming to 777 Victoria Park Avenue through the Housing Now initiative.

Council gave the go-ahead to “advance” construction on the project, which, despite being approved for zoning in November 2019, has been slow to move forward amid delays brought on by the “COVID-19 pandemic, unprecedented escalation in construction costs, changes to federal and provincial housing policy, and steep increases in interest rates,” according to a June 26 report from the Executive Director of the Housing Secretariat, Abi Bond.

“Recently, however, shifts in Toronto’s residential market, stable interest rates, and the introduction of new inter-governmental program and policy changes have resulted in a window of opportunity for the delivery of purpose built and affordable rental homes.”

To help “unstick” the project, city staff put forth recommendations, which were adopted by Council without amendments last week. In her report, Bond spoke to minor variances that would result in an additional 195 rental units on the site, including two additional affordable rental units and 193 additional rent-controlled units (sic). She writes in her report that increasing the site’s density is meant to ‘bolster’ the project’s financial viability.

“Approvals are being sought from the Committee of Adjustment meeting, pending Council approval,” she said. “Currently, the project has a renewed window of viability due to updated city policy and programs, provincially implemented exemptions, and new federal funding and financing tools.”

Those additional units would mean that 705 new rental homes would be built on the Victoria Park Avenue site, Bond’s report said, including 256 affordable rental and 449 rent-controlled market units. (Previously, those figures were 508, 254, and 254, respectively.) Down the line, the site will also accommodate a 330-sq.-m childcare facility, a 430-sq.-m community use facility, and 301 sq. m of retail and commercial space.

In addition, a series of new renderings of the Victoria Park Avenue project have recently been released to the public by City’s dedicated housing agency, CreateTO. The agency celebrated the advancement of the project in a LinkedIn post on Tuesday afternoon.

The Victoria Park Avenue project is coming together through a partnership between CreateTO and its development partners: Alterra Group of Companies and Mahogany Management. In total, the City of Toronto has identified 22 sites across Toronto for Housing Now since the program was launched in January 2019. Collectively, these sites are estimated to produce over 16,000 new homes, with approximately one-third of those being affordable rentals.

Despite the aforementioned delays, the 777 Victoria Park Avenue site is relatively far along given that development partners Alterra and Mahogany have been confirmed. Development partners have also been secured for 50 Wilson Heights Boulevard (Greenwin, Tridel, and KingSett Capital), 140 Merton Street (Missanabie Cree First Nation and Ellis Don Community Builders), (5207 Dundas Street West (Kilmer-Tricon), 705 Warden Avenue (Greenwin and KingSett Capital), 2444 Eglinton Avenue East (Windmill, Civic and Co-operative Housing Federation of Toronto), and 263 Queen’s Wharf (Hines).

Notably, construction at 5207 Dundas Street West has been underway since the summer of 2023, and continues to progress towards the goal of bringing 725 new rental homes, including 218 new affordable rental homes, to the site.

Source: Storeys