The federal government announced Friday that it will provide a low-cost loan of $ 178.95 million to help build 412 new rental units in Toronto.
The units will be located inside a new 36-story tower planned for 100 Broadway Avenue in Midtown.
“Every Canadian deserves a safe and affordable place to call home,” said Minister of Families, Children and Social Development Ahmed Hussen. “This is why, thanks to this investment in Toronto and others like him, our government is taking action not only to increase the supply of new rental projects, but also to provide housing options that are closer to jobs, services and amenities than middle-class families and people living in Toronto need. This is the National Housing Strategy at work.
In addition to the residential units, the building will have 116 parking spaces, 150 lockers and 412 bicycle spaces. There will also be some fun amenities for residents, including a theater, fitness center, collaborative workspace, private dining room, and kids’ club.
The City of Toronto will also construct an 8,000 square foot park on the property.
The tower is being built by Westdale Properties and Reserve Properties alongside their two-tower condo development at 110 Broadway in which singer Pharrell Williams is collaborating.
The ground has fallen on the Toronto property, but no completion date has been given as to when the rental units will be ready to be occupied.