The development team has been announced for a massive co-op housing project set to take shape on city-owned land opposite Kennedy Station in the city’s east end.
CreateTO, the city’s real estate agency will work with Civic Developments and Windmill Development Group on the 2.88-acre development, which represents Ontario’s largest co-operative housing project and one of the province’s most substantial affordable housing developments in the past 25 years.
“I’m pleased to announce the development partners for this site, which is helping us reach our affordable housing targets. This project is a good example of how the City, not-for-profit housing providers and private developers can work together to get affordable housing built,” said Toronto Mayor Olivia Chow. “This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments, because we need more housing and everyone at the table to deliver it.”
The project, at 2444 Eglinton Ave. E., comprises 918 units, two-thirds of which will consist of rent-geared-to-income (RGI), affordable, and market rental co-op housing, operated by the non-profit housing partner, the Co-Operative Housing Federation of Toronto (CHFT). The remaining 306 units will be designated as market condominiums.
“The time is right for governments and developers to get back into building quality, non-profit co-op housing. This project is a testament to how that can be done in today’s market,” said Tom Clement, executive director, Co-Operative Housing Federation of Toronto. “Over time, the rent for the co-op units will only rise to cover cost increases relative to the market, meaning these units will remain affordable for everybody. That’s true affordability.”
To ensure accessibility across various income levels, rents for RGI and affordable co-op homes will be set between 40 and 100 percent of the “Average Market Rent” reported annually by the Canada Mortgage and Housing Corporation. Additionally, a minimum of 33 percent of the affordable homes and 15 percent of the market rental homes will be designed to be accessible.
The development at 2444 Eglinton marks a milestone as the first private sector-led site under the City of Toronto’s Housing Now program, focused on creating transit-oriented affordable housing on city-owned land. Positioned near key transit hubs, including Kennedy GO Station, Kennedy TTC subway station, and the future Crosstown LRT line, the site is poised to become one of Toronto’s most connected transit hubs upon completion.
The partnership of Civic Developments and Windmill Development Group was selected through a market offering process by CreateTO in 2021.
“It’s our hope that 2444 Eglinton can set a new precedent for mixed-tenure housing in Toronto that is accessible by transit. It’s time to shake up the status quo development models,” said Matthew Cohen, managing partner at Civic Developments.
Expected to commence construction in 2026, the project is currently navigating the zoning bylaw amendment and other planning approvals required for development.
“I’m looking forward to welcoming the people that will call this development home in just a few short years,” said CreateTO’s chief executive officer, Vic Gupta.