The developers Dream Unlimited Corp. (TSX: DRM) and CentreCourt Developments have launched a joint venture to create 49 Ontario Street, a mixed-income purpose-built rental housing community in downtown Toronto.
Upon completion, the development will feature 1,226 multi-family units, with 22% designated as affordable housing. Earlier this year, Dream Impact Trust (TSX: MPCT.UN), the current owner of the redevelopment site, secured up to $647.6 million in government-affiliated financing and obtained waivers for development charges from the City of Toronto for the 800,000-square-foot project.
The developers, who previously collaborated on condominium projects, said they planned to identify and pursue additional purpose-built rental opportunities.
“We believe the skills and expertise that have made us leaders in condominium development will be just as valuable in purpose-built rental,” said Gavin Cheung, managing partner and president at CentreCourt. “49 Ontario Street will deliver much-needed market rental and affordable housing to downtown Toronto, and we’re excited to be partnering with Dream to make it happen.”
“Dream has been at the forefront of delivering purpose-built rental through innovative public-private partnerships,” added Jamie Cooper, president of development and income properties at Dream Unlimited. “Working with CentreCourt on 49 Ontario St. brings together complementary strengths to deliver a project that will serve the community for decades to come.”
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