Artscape is pleased to launch the call for 15 affordable home ownership units at Waterworks, a new mixed use community at 505 Richmond Street West.
Artscape Lofts at Waterworks is in a remarkable location, at the heart of the city’s Garment District, rich in cultural and heritage value. The new building community is one block North of the heart of Queen West and steps away to Alexandra Park, Chinatown, Kensington Market, and King West Entertainment district.
The Waterworks site is rich in history – it was home to one of the city’s early public markets at the turn of the 20th century and then housed a Depression-era Waterworks facility. This industrial deco-era building will be integrated into the new project. When complete in 2020, the new 13-storey building will be home to nearly 300 residential units, a new YMCA and a public food hall.
The project is an innovative partnership between Artscape; City of Toronto stakeholders: CreateTO, Toronto’s Affordable Housing Office and Councillor Joe Cressy; and private developers Mod Developments and Woodcliffe Landmark Properties — who are both known internationally for their innovative adaptive reuse of heritage properties.
Set within a larger condominium, the Artscape Lofts will be designed to preserve affordable and vitally needed living spaces for artists and cultural workers, seeking a base for creative and professional development.
Ownership opportunities at Waterworks are available to first-time homebuyers only who will benefit from the Artscape Mortgage, a no-interest, payment free second mortgage, which brings the purchase price below market value. Each unit is supported through over $150,000 of combined support from the City’s Home Ownership Assistance Program (HOAP), funding from the federal and financial contributions from CreateTO.
All 15 one-bedroom units range in size from 477 to 686 ft2 and will available for occupancy in July 2020.
To assist you in completing your application, Artscape is hosting three information sessions:
1. Monday, August 19, 2019
Artscape Daniels Launchpad at Sugar Hall
2. Saturday, August 24, 2019
3. Tuesday, September 10, 2019