TORONTO — Oxford Properties Group recently broke ground on Scarborough’s first major purpose-built rental (PBR) development in over a generation.
Located on a 3.4-acre parcel of land on the west side of Oxford’s Scarborough Town Centre (STC) shopping mall, the development will consist of three residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable.
The project is the largest single-phase rental development currently under construction in Toronto, states a release.
Oxford secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program (ACLP) for the development. This represents the largest single loan issued out of Toronto that CMHC has approved and committed to through the ACLP, the release adds.
The 1,285 purpose-built rental homes, which will be named Alta, will feature three residential towers and sit atop two seven-storey podiums featuring both residential and retail space.
Alta will offer a mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes.
The project is in close proximity to Scarborough Centre TTC station, which is also serviced by GO Transit, and the future Scarborough Subway Extension.
Indoor and outdoor amenities include outdoor lounge areas, co-working spaces, a children’s playroom, fitness facilities and a new 22,000-square-foot public park at the south end of the development.
The completed project seeks to reduce its environmental impact by using a geothermal heating and cooling system, the release reads.
Alta marks the first development within Oxford’s master plan for STC. The multi-decade plan envisions over 10,000 residential units built across 89 developable acres.
Construction on Alta is expected to be completed by summer 2029.
