Developers break ground on Toronto affordable housing project
Developers KingSett Capital have broken ground on the first phase of a significant housing development project at The East Mall in Toronto.
Valhalla Village will include three towers and one mid-rise building, with a total of 1,135 homes.
Phase one, which is now under construction, will comprise a total of 494 units, including 172 affordable units across two towers. The affordable homes will consist of studios, one-bedroom, two-bedroom and three-bedroom apartments. The site will include 158 parking spots and offer 988 square feet of indoor amenity space and a public park.
The project has been designed by architects BDP Quadrangle and general contractors Reliance Construction Group, and initial occupancy is projected for the third quarter of 2026.
"Breaking ground at Valhalla Village is a critical first step in KingSett's ambitious goal of developing a portfolio of affordable housing that leads the industry in terms of depth, product design, and sustainability," said Jeff Thomas, Group Head, Development at KingSett Capital. "The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community. We are very excited to be moving ahead with this extraordinary development."
Valhalla Village is designed to be net-zero carbon through geothermal heating and is on track to achieve the Canada Green Building Council's Zero Carbon Building – Design (ZCB) Standard certification in 2024. The project will also participate in the new WiredScore Multi-Residential Certification Program, which provides a framework for accessing technological performance.
The site is zoned to allow for a second phase to be constructed at a later date.
KingSett has secured construction financing through the federal government's Apartment Construction Loan program, previously known as the Rental Construction Financing Initiative.
Through the City of Toronto's Open Door program, Toronto City Council approved approximately $10 million worth financial incentives, such as property tax and development charge exemptions and permit fee waivers, to support the construction of affordable housing at the site.
“The 172 affordable rental housing units are a testament to what can be achieved when different orders of government and developers work together,” said Toronto Mayor Olivia Chow. “As mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home."