Information Launch
September 16, 2023
Earlier at present, Mayor Olivia Chow celebrated the beginning of development of 57 reasonably priced rental properties and 256 long-term care beds, creating one dual-purpose constructing on Metropolis of Toronto-owned land at 640 Lansdowne Ave.
The Mayor was joined by:
- Councillor Alejandra Bravo (Davenport)
- Julie Dzerowicz, Member of Parliament for Davenport
- Charles Sousa, Member of Parliament for Mississauga-Lakeshore
- Vic Gupta, CEO of CreateTO
- Manuel DaCosta, Board Chair, Magellan Group Charities
Additionally in attendance had been:
- His Excellency Marcelo Rebelo de Sousa, President of Portugal
- His Excellency João Gomes Cravinho, Minister of Overseas Affairs of Portugal
- Paulo Cafôfo, Secretary of State of Portuguese Communities
- His Excellency António Leão Rocha, Ambassador of Portugal to Canada
- Joaquim Rosário, Portuguese Consul Basic in Toronto
Concerning the growth
As soon as the undertaking is accomplished, 640 Lansdowne Ave. will embody a seven-storey mixed-use constructing with 256 long-term care beds and 57 reasonably priced rental properties for seniors consisting of 44 one-bedroom flats and 13 two-bedroom flats and non-residential house on the bottom ground. Rents for reasonably priced rental properties can be beneath 100 per cent of the Common Market Lease (AMR). AMR charges are set yearly by the Canada Mortgage and Housing Company.
CreateTO led the conceptual grasp plan to assist information the event of the positioning, issued a Request for Proposals (RFP) for a developer and operator of reasonably priced housing companies at 640 Lansdowne Ave. and took part within the lease negotiations with the profitable proponent, Magellan Group Charities. Magellan Group Charities is a non-profit group created to construct and function senior long-term care properties and reasonably priced housing.
As a part of the 640 Lansdowne Ave. redevelopment, the Metropolis can even ship a brand new 2,135-square-metre park, which can assist to raised serve the wants of this quickly rising city neighbourhood by offering elevated entry to inexperienced house.
Investments
The 640 Lansdowne Ave. website is beneath a long-term lease with the TTC and the Metropolis. This growth unlocks surplus Metropolis-owned land that may be leveraged to stimulate the event of reasonably priced rental housing whereas sustaining long-term affordability and making certain ongoing public possession of the lands.
This undertaking has been made attainable by incentives and funding supplied by the Metropolis, the Province of Ontario and Authorities of Canada. Toronto Metropolis Council authorized an estimated $8.6 million in monetary incentives and capital grants, together with property tax and growth cost exemptions and allow payment waivers, to make this website attainable. The Province is offering $8.2 million for the long-term care facility at this website by the Lengthy-Time period Care Residence Capital Improvement funding coverage. The Authorities of Canada supplied $235,800 by the Seed Funding program.
HousingTO 2020-2030 Motion Plan
In the present day’s announcement advances the HousingTO 2020-2030 Motion Plan, which targets the approval of 40,000 new reasonably priced rental properties with 18,000 supportive properties to assist improve housing stability for Toronto residents over the subsequent 10 years. The proposed growth at 640 Lansdowne Ave. will help numerous housing wants of seniors permitting them to entry and keep satisfactory, secure and reasonably priced properties.
Extra info is on the market on the Metropolis’s HousingTO 2020-2030 Motion Plan webpage: www.toronto.ca/community-people/community-partners/housing-partners/housingto-2020-2030-action-plan/.
Quotes:
“In the present day’s ground-breaking is greater than shovels hitting the bottom – it’s a robust reminder of what we are able to accomplish when completely different orders of presidency work collectively. By pooling our sources and efforts, we are able to be certain that Toronto residents have entry to reasonably priced housing. This new reasonably priced rental housing and long-term care website will assist us guarantee seniors have safe, reasonably priced properties the place they’ll age with dignity, satisfaction and luxury. As the brand new Mayor, I’m dedicated to getting this much-needed housing constructed as quick as attainable along with our authorities and neighborhood companions.”
– Mayor Olivia Chow
“We’re excited to see this new reasonably priced housing and long-term care facility get underway. By working along with the Province of Ontario, Authorities of Canada CreateTO and Magellan Group Charities, we’re offering not simply shelter, however a renewed sense of dignity and belonging for seniors. As we proceed to implement the HousingTO 2020-2030 Motion Plan, we’re in a position to fulfill our commitments to Torontonians and be certain that extra individuals have entry to the secure and reasonably priced housing they want.”
– Councillor Gord Perks (Parkdale-Excessive Park), Chair of the Planning and Housing Committee
“I’m thrilled to interrupt floor on this reasonably priced rental housing and long-term care website proper right here in Davenport. Getting right here is the results of laborious work by our neighborhood, particularly Portuguese neighborhood members and Magellan Group Charities, who set the imaginative and prescient for this undertaking to serve seniors and people searching for an reasonably priced place to stay. It’s not nearly establishing a brand new constructing; it’s about fostering a way of belonging and safety and I couldn’t be happier in regards to the optimistic affect this undertaking could have on our neighborhood.”
– Councillor Alejandra Bravo (Davenport)
“The beginning of development at 640 Lansdowne is an thrilling milestone for the local people, the Metropolis of Toronto and CreateTO. Main the event of the grasp plan, taking the property to market and negotiating the long-term lease for this website had been among the many first duties undertaken by the company. We’re proud to have performed a job on this partnership with the Metropolis and Magellan to ship much-needed long-term care properties and reasonably priced rental housing for seniors.”
– Vic Gupta, CEO, CreateTO
“We’re embarking on a transformative journey with the Magellan Centre, an area designed to foster unity, compassion and progress inside the Portuguese neighborhood. This ground-breaking ceremony marks the beginning of an thrilling new chapter and we eagerly anticipate the optimistic affect this hub will deliver to the lives of people and households. The Magellan Centre stands as a testomony to our dedication to constructing a brighter future collectively for our seniors.”
– Manuel DaCosta, Board Chair of Magellan Group Charities
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