Property management and development company Greenwin and real estate investment business聽KingSett Capital have commenced construction on a new housing project at 50 Wilson Heights Blvd. in Toronto, Canada.
The mixed-use, transit-oriented project will come up adjacent to the TTC鈥檚 Wilson Station.
This development is set to deliver 1,484 homes, including 520 affordable rental units.
The City of Toronto, alongside CreateTO, is facilitating this project as part of the HousingTO 2020-2030 Action Plan’s Housing Now initiative.
This scheme utilises city-owned land to increase the availability of affordable rental housing.
The project will see the former commuter car park at 50 Wilson Heights Blvd. being transformed into rental units that offer a range of studio to three-bedroom spaces.
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By GlobalDataThe site will also feature a childcare centre, community use space, a public park, a new public road, and retail space.
In alignment with the city’s TransformTO climate action objectives, the development aims to meet the Toronto Green Standard and will be powered by a geothermal energy supply.
The Housing Now initiative aims to create 65,000 new homes by 2030, including 41,000 affordable rentals, 6,500 rent-geared-to-income units, and 17,500 rent-controlled homes.
To date, the city has pledged more than C$1.3bn ($920m) in land value, capital funding, and financial incentives to the Housing Now programme.
Greenwin president and CEO Kevin Green said: 鈥淏reaking ground at 50 Wilson Heights Blvd. is a milestone for Toronto’s housing future. Greenwin is pleased to partner with the City of Toronto, CreateTO, KingSett Capital and Tridel on a property that combines affordable and market housing, vibrant community spaces, and geothermal-powered design.
鈥淭his project reflects our commitment to building inclusive, connected, sustainable neighbourhoods that will benefit Torontonians for years to come.鈥�
