Canadian Business Journal Toronto developer donates $6.8 million to build 122 new affordable homes

TORONTO, Nov. 24, 2022 (GLOBE NEWSWIRE) — Toronto developers Hazelview Investments and Fitzrovia have committed contributions totaling $17 million in grants and loans expected to fund at least 180 developments. You have made your second of five annual payments towards Providing affordable residential units in the City of Toronto and providing additional community space in the Bloor and Dufferin neighborhoods.

The designated beneficiary of the funds is the Toronto-based Land Trust, Community Affordable Housing Solutions (CAHS). CAHS recently announced plans to invest his $6.8 million received to date to build 122 new affordable homes, including:

• Up to 40 affordable owned units including 2 and 3 bedroom units in the future community of St. Clair Ave and Caledonia Road.
• 21 affordable rental co-op units to be part of a new community near Symington Ave. and Dupont St.
• 61 affordable rental co-op units to be part of a new community near Lakeshore Avenue and Windermere Avenue.

The creation of CAHS began as a result of an innovative collaboration between developers, the City of Toronto, Habitat for Humanity GTA (Habitat GTA), St. Clare’s, and the community group Build a Better Bloor Dufferin.

“CAHS was founded on the idea of ​​bringing together developers willing to work with city leadership, affordable housing partners, and local grassroots groups to create thriving and economically diverse communities. That’s exactly what’s happening here.” Habitat GTA & CAHS Executive Lead Joshua Bénard Real Estate Development. “We believe this is the best way to address the housing price crisis, so we are working together to create more diverse and affordable housing options for people of all demographics. We are proud to be part of a strong nonprofit sector that not only builds affordable homes, but is committed to ensuring that these homes remain affordable for decades to come. I am thinking.”

At least 50% of the funding will be allocated within Ward 9 – Davenport, Toronto, near the planned mixed-use developments at Bloor and Dufferin, which provided opportunities for collaboration. In addition to historic land trusts, developers also provide a number of additional community benefits such as (but not limited to):

• 56 units of affordable housing will be built by developers and delivered to the City of Toronto.
• A fully accessible community hub of approximately 30,000 square feet (including an 8,000 square foot childcare center) will be built within the preserved Kent School and brought to the City of Toronto.
• A 3,580-square-meter public park that brings green space and pedestrian connectivity to the site, creating spaces that can be used by the entire community.
• A publicly accessible underground pedestrian tunnel connecting to the existing Dufferin Street Underground Station.
• Add privately owned public spaces such as streets, squares, and artists’ gathering places.

“We are committed to the guiding principles of this project, which include providing different types of housing to meet the needs of a growing and diversifying population and promoting the health and well-being of our communities. at Hazelview Investments. Williams continues. “We are proud of the innovative approach taken to develop this historic land trust and look forward to supporting Habitat for Humanity as we work together to build sustainable cities. We believe it is important to work creatively with partners like GTA.”

Fitzrovia CEO and Founder Adrian Rocca said: “This Affordable Residential Land Trust was created with these core values ​​in mind. We are proud to contribute to the much-needed housing supply.”

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About Hazelview Investments

Hazelview Investments is an active investor, owner and manager of global real estate investments committed to creating value in people and places. We have an active, hands-on team that helps us find opportunities to invest in sustainable development and is committed to driving long-term growth in the investments we make for our employees, residents and clients. It is working. Hazelview has a proven track record of 20 years of real estate management in 6 states and 25 cities. For more information, visit hazelview.com.

About Fitzrovia

Fitzrovia is a vertically integrated developer and asset manager of rental communities throughout the Greater Toronto area, managing approximately $4 billion in assets. Fitzrovia partners with public institutions, pension plans and high net worth investors who have an investment bias toward long-term cash flow generating assets. The company’s “Build to Core” strategy focuses on developing institutional quality in well-located rental properties near key employment nodes and/or public transport. Fitzrovia focuses on active lifestyle management and provides superior customer service to its valued residents. Fitzrovia’s customer-first approach means that all design and construction decisions are deeply rooted in consumer insight, ensuring that resident needs are not only met, but exceeded At Fitzrovia, we think differently and build differently.

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