The City of Toronto issued the following press release earlier today; we are re-posting it as it relates to Artscape news.
A plan to develop 80 affordable rental homes within a mixed-use market condominium building on the Toronto waterfront was adopted by City Council today.
“Congratulations to all of the partners involved in making affordable housing happen in the new East Bayfront community,” said Deputy Mayor Norm Kelly. “The approval of the Bayside Pilot Project affirms Toronto’s commitment to city residents having the opportunity to live in all neighbourhoods.”
The innovative $26-million Bayside initiative is to be built and operated through a partnership among the City, Waterfront Toronto, developers Hines/Tridel and Artscape. Construction is expected to be completed by 2018-2019.
The 80 affordable rental homes are to be part of the Hines/Tridel Bayside development, located between Lower Sherbourne and Parliament Streets in the emerging East Bayfront neighbourhood. The affordable units will be owned by the City and operated by Artscape.
“This affordable housing project is a significant component of our new waterfront community,” said Councillor Pam McConnell (Ward 28 Toronto Centre-Rosedale). “While we are already seeing beautiful public spaces and a mix of uses, it is the diversity of backgrounds and incomes of the people that will make this a truly healthy and vibrant neighbourhood.”
”Hines and Tridel are pleased to have Artscape onboard,” said Leo DelZotto, President of Tridel. “Understanding the need for affordable housing, we think we have achieved a building design that benefits all future residents of the Bayside community, both owners and renters.”
“When you look at Toronto’s most vibrant neighbourhoods, you generally find artists are playing a central role in city-building,” said Artscape’s President and CEO, Tim Jones. “Artscape is thrilled to be partnering with the City, Waterfront Toronto, Hines and Tridel on breathing new life and energy into Toronto’s central waterfront.”
”Building neighbourhoods for people of all income levels and life stages is a key part of our revitalization model,” said John Campbell, President and CEO of Waterfront Toronto. “Artscape’s mandate to make space for creativity and transform communities is a perfect fit for East Bayfront, a neighbourhood designed to be a hub for information and creative sector jobs.”
The one-, two- and three-bedroom apartments are to be built in a mixed-use building that would also contain 225 market condominiums and retail space. All the affordable units will be accessible to visitors, with five per cent fully accessible.
The affordable housing component would have its own entrance, elevators and parking. The building will be designed to Waterfront Toronto’s Design Excellence standards and built in accordance with the Affordable Housing Office Design Guidelines.
The Bayside development will assist in fulfilling the City’s Central Waterfront Secondary Plan requirement for affordable housing as well as Waterfront Toronto’s commitment that 20 per cent of residential units in new waterfront communities be affordable rental housing.
To read the full press release, visit www.toronto.ca/affordablehousing