The City of Toronto announced the ground-breaking of 172 affordable rental homes at 300-304 The East Mall, also known as Valhalla Village.
The project is the result of a successful collaboration between the City, Government of Canada and private sector partners led by KingSett Capital Affordable Housing LP.
The development will include three towers and one mid-rise building, with a total of 1,135 homes including 963 market and 172 affordable rental homes. Affordable homes will consist of studios, one-bedroom, two-bedroom and three-bedroom apartments. The site will also include 158 parking spots and offer 988 square feet of indoor amenity space and a public park. This site will also feature a community agency space, with the specific agency to be selected and announced at a later day.
“The 172 affordable rental housing opportunities at 300-304 The East Mall are a testament to what can be achieved when different orders of government and developers work together. As Mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home,” said Mayor Olivia Chow.
The new affordable rental homes at 300-304 The East Mall will remain affordable for a minimum of 40 years and be part of a larger mixed-income and mixed-use development. Affordable rents will be set at 100 per cent of the Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation (CMHC), providing much-needed affordable housing options for low- and moderate-income households.
“Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto. That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country. Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities,” said Yvan Baker, Member of Parliament for Etobicoke Centre.
The development is led by KingSett Capital Affordable Housing LP and BDP Quadrangle is the architect for this project. Toronto City Council approved the zoning amendment for construction in September 2020. The building is estimated to be completed in 2026.
“We are thrilled to be breaking ground on Valhalla Village and moving forward with construction of this important development. Valhalla Village, which is on track to achieve zero carbon building design certification in 2024, will be the first, ground-up housing development for the KingSett Affordable Housing Fund. It will create much-needed affordable housing at a critical time for the community and for the City of Toronto,” said Rob Kumer, Chief Executive Officer, KingSett Capital.
Through the City’s Open Door program, City Council approved approximately $9.87 million in financial incentives – including property tax and development charge exemptions and permit fee waivers – to support the delivery of affordable homes at this site. The Government of Canada provided $235.9 million in fully repayable low-interest loans through CMHC’s Apartment Construction Loan program.
“This important investment from the federal government demonstrates our strong commitment to working with all communities to meet the challenge of building more rental housing. This important investment in housing will soon create thousands of safe, well-built homes for hardworking, middle-class Canadians and add much needed supply to the rental market here in Toronto,” said James Maloney, Member of Parliament for Etobicoke-Lakeshore.
Featured image: Left to Right: Brad Bradford, TO City Councillor; Yvan Baker, Member of Parliament for Etobicoke Centre; James Maloney, Member of Parliament for Etobicoke Lakeshore; Jeff Thomas, KingSett Capital; and Rob Kumer, the CEO of KingSett Capital.
