80 Affordable Rental Homes Planned for Bayside Toronto
By Lucas on Jun 11, 2014
It was recently announced that Toronto Council has adopted the plan to develop 80 affordable rental homes (geared towards artists) in a market condominium in Tridel and Hines’ Bayside Toronto master-plan.
”Hines and Tridel are pleased to have Artscape onboard," says Leo DelZotto, President of Tridel, in a press release by the City. "Understanding the need for affordable housing, we think we have achieved a building design that benefits all future residents of the Bayside community, both owners and renters."
This $26 million initiative will be operated and managed through a partnership between Tridel, Hines, Waterfront Toronto, and Artscape. Construction is expected to be completed sometime between 2018 and 2019.
“When you look at Toronto’s most vibrant neighbourhoods, you generally find artists are playing a central role in city-building,” says Artscape’s President and CEO, Tim Jones, in the same release. “Artscape is thrilled to be partnering with the City, Waterfront Toronto, Hines and Tridel on breathing new life and energy into Toronto’s central waterfront.”
Located between Lower Sherbourne and Parliament Streets in the East Bayfront area, the affordable units will be a part of a residential building with 225 other market condo units. The affordable housing units will be available in one-, two-, and three-bedroom plans. This portion of the building will have its own entrance, elevators, and parking. The units will be City owned and Artscape will be in charge of operations.
”Building neighbourhoods for people of all income levels and life stages is a key part of our revitalization model,” says John Campbell, President and CEO of Waterfront Toronto. “Artscape’s mandate to make space for creativity and transform communities is a perfect fit for East Bayfront, a neighbourhood designed to be a hub for information and creative sector jobs.”
In Waterfront Toronto’s plans to redevelop the waterfront, they made a commitment stating 20 percent of the new residential will be affordable rental housing. These 80 units will be counted towards this commitment.
Congratulations to Tridel, Hines, Waterfront Toronto, and Artscape on the new initiative to create more opportunities for affordable housing in one of the city’s blossoming neighbourhoods.
