TORONTO – Politicians, Toronto Community Housing representatives and others recently joined together to celebrate the groundbreaking of 271 affordable homes as part of the next phase of the Regent Park Revitalization.
The new 26-storey tower, located at the southeast corner of Gerrard Street East and Dreamers Way, will include a mix of replacement and net-new affordable homes, with a focus on family-sized units, states a City of Toronto release.
It will be built by Toronto Community Housing and its development partner Tridel and is slated to include 136 replacement rent-geared-to-income (RGI) homes and 135 net-new affordable rental homes as well as new indoor and outdoor community spaces.
Tenant occupancy is anticipated for 2029.
Funding for the project is estimated at $219 million in combined capital investment with $50.7 million from the City of Toronto, $86 million from the Government of Canada’s Affordable Housing Fund and $82.5 million from Toronto Community Housing Corporation. Since 2018, the Province of Ontario has contributed over $7.6 million for environmental remediation efforts at Regent Park that readied the land for development, the release adds.
The city will also contribute an estimated $14 million through program incentives and property tax exemptions.
The Regent Park Revitalization is transforming approximately 69 acres in Toronto’s downtown east into a mixed-income, mixed-use community, with RGI and affordable housing, community facilities and green space.
It has already delivered more than 6,000 homes in phases one through three, including one-for-one replacement of all RGI homes that were in the original community, as well as net-new homes.
Once complete, phases four and five have the potential to deliver more than 3,400 new affordable and replacement rental homes if fully funded.
