TORONTO – Hazelview Investments and Sierra Corporation have broken ground on 383–389 Cleveland Street, a new 15-storey purpose-built rental building in Toronto’s Leaside neighbourhood.
According to a release, the development will deliver 217 rental homes, including 43 affordable units and an additional 33 accessible units. Occupancy is targeted for 2028.
The project was originally slated to be a condominium but was converted into a rental development because of changing market conditions and long-term confidence in rental housing.
The suite mix includes 52 one-bedrooms, 89 one-bedroom-plus-dens, 54 two-bedrooms, 17 three-bedrooms and five three-bedroom-plus-dens. Seventy-six units are two bedrooms or larger, reflecting a “genuine effort to house families in purpose-built rentals,” the release adds.
Residents will have access to approximately 8,500 square feet of indoor and outdoor amenity space. The 4,500 square feet of indoor amenities include a fitness centre, wellness and yoga studio, kids’ playroom, boardroom and co-working area, party room and lounge, and a dining room with a chef’s kitchen. The 4,000 square feet of outdoor amenity space features lounge areas with barbecues, resident gardens, an outdoor working area, a kids’ play area and a dog run.
Thirty-three units are designed to meet CSA Standards for accessibility.
The project is designed to achieve Tier 3 of the National Energy Code of Canada for Buildings 2020 and marks a first for Hazelview Investments, with its first development to incorporate a geothermal-based mechanical system.
The project is supported by the City of Toronto’s Rental Housing Supply Program, which has committed approximately $5.4 million in financial as well as a 40-year property tax exemption with an estimated value of $1.8 million.
