The federal government announced that it would provide a $178.95 million low-cost loan to build 412 new rental homes in Toronto.
The tower, which is being built by Westdale Properties and Reserve Properties, will be located inside a new 36-storey tower at 100 Broadway Avenue. This is also near the 110 Broadway that singer Pharrell Williams is partnered with.
“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.”
There is no completion date as to when the rental homes will be ready for occupancy. However, there will be 116 parking spaces, 150 lockers, and 412 bike stalls, a theatre, fitness centre, co-working space, private dining area, and a kid’s club. In addition, there will also be an 8,000-sq-ft park on the property.