Toronto kicks off construction on downtown seniors’ residence
The City of Toronto has kicked off construction on a downtown, seven-storey mixed use seniors building.
Mayor Olivia Chow was among a number of city officials and dignitaries to mark the start of construction on the building at 640 Lansdowne Avenue.
Once complete, the property will feature 256 long-term care beds and 57 affordable rental homes for seniors, as well as ground-floor non-residential space. Rents for affordable rental homes will be below 100 percent of the Average Market Rent set by Canada Mortgage and Housing Corporation.
“Today’s ground-breaking is more than shovels hitting the ground – it’s a powerful reminder of what we can accomplish when different orders of government work together,” said Chow. “By pooling our resources and efforts, we can make sure Toronto residents have access to affordable housing. This new affordable rental housing and long-term care site will help us ensure seniors have secure, affordable homes where they can age with dignity, pride and comfort.”
CreateTO led the conceptual master plan to help guide the development of the site, issued a Request for Proposals for a developer and operator of affordable housing services at the property, and negotiated leases with the successful proponent, Magellan Community Charities. Magellan Community Charities is a non-profit organization created to build and operate senior long-term care homes and affordable housing.
As part of the project, the city will also deliver a new 2,135-square-metre park, which will help to better serve the needs of this rapidly growing urban neighbourhood by providing increased access to green space.
The site, which used to be home to a Toronto Transit Commission (TTC) bus garage, is under a long-term lease with the TTC and the City. The development unlocks surplus city-owned land that can be leveraged to stimulate the development of affordable rental housing while maintaining long-term affordability and ensuring ongoing public ownership of the lands.
The project is benefitting from funding from all three levels of government.
Toronto City Council approved an estimated $8.6 million in financial incentives and capital grants, including property tax and development charge exemptions and permit fee waivers, to make this site possible.
The Ontario government is providing $8.2 million for the long-term care facility at the site through its long-term care home capital development funding policy, while the federal government provided $235,800 through the Seed Funding program.
The development supports the goals of the HousingTO 2020-2030 Action Plan, which targets the approval of 40,000 new affordable rental homes with 18,000 supportive homes to help increase housing stability for Toronto residents over the next 10 years.