The federal government announced on Friday that it would provide a $178.95 million low-cost loan to help construct 412 new rental homes in Toronto.
The units will be located inside a new 36-storey tower slated for 100 Broadway Avenue in Midtown.
“Every Canadian deserves a safe and affordable place to call home,” said Minister of Families, Children and Social Development Ahmed Hussen. “That’s why, through this investment in Toronto and others just like it, our government is taking action to not only increase the supply of new rental developments but to also provide housing options that are closer to jobs, services and amenities that middle-class families and individuals in Toronto need. This is the National Housing Strategy at work.”
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In addition to the residential units, the building will have 116 parking spaces, 150 lockers, and 412 bike stalls. There will also be some fun amenities for the residents, including a theatre, fitness centre, co-working space, private dining area, and a kid’s club.
The City of Toronto will also be constructing an 8,000-sq-ft park on the property.
The tower is being built by Westdale Properties and Reserve Properties alongside their two-tower condo development at 110 Broadway that singer Pharrell Williams is collaborating on.
The ground has broken on the Toronto property, but no completion date has been given for when the rental homes will be ready for occupancy.