TORONTO – Cannect Homes has officially started construction for 90 new affordable and market rental homes in the Beaches.
Located at 507-511 Kingston Rd., the project is being led by Cannect Homes in partnership with Neighbours and Streetcar Developments, states a release, and will transform a previously proposed condominium project into a purpose‑built, mixed-income rental building.
Once complete, the building will be comprised of 30 affordable rental units and 60 rent-controlled units.
The project is supported by the City of Toronto’s Rental Housing Supply Program, which has contributed $7.8 million in capital funding towards the development, along with additional incentives, including a property tax exemption for the duration of the 40-year affordability period.
The city notes the program was created to support the construction of new rental homes across Toronto and to help advance the goals of the city’s HousingTO 2020–2030 Action Plan.
