Now one of the "Approved Projects under Phase One of the Purpose-built Rental Housing Incentives Stream" at City Hall -

Updated Stats
Affordable Rental Housing = 551 units
Market Rental Housing = 1,267 units
=============================
TOTAL Rental = 1,818 units

NOTE - the Affordability Period is 99 YEARS.

PDF - https://www.toronto.ca/legdocs/mmis/2024/cc/bgrd/backgroundfile-251624.pdf

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renx.ca

Dream Impact secures financing for 2 major downtown T.O. projects

Dream Impact Trust (MPCT-UN-T) and its partners have secured financing for one major downtown Toronto multifamily project, and have “conditional approval” for financing for a second site which, combined, would deliver over 2,400 rental units to the downtown market.
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Dream Impact secures financing for 2 major downtown T.O. projects​


Dream Impact Trust (MPCT-UN-T) and its partners have secured financing for one major downtown Toronto multifamily project, and have “conditional approval” for financing for a second site which, combined, would deliver over 2,400 rental units plus other space to the downtown market.

In an announcement Thursday morning, Dream Impact reports financing is now in place for the redevelopment of 49 Ontario St., which would provide over 1,200 rental homes at full build-out.

It is also finalizing financing for an additional 1,200 apartments planned for the multi-phased Quayside redevelopment.

“Both 49 Ontario St. and Quayside are projects named as part of a broader partnership between the City of Toronto and the federal government to deliver affordable and purpose-built rental housing in Toronto,” Dream Impact states in the announcement.

Quayside is a 12-acre site along the Toronto waterfront, with approximately eight acres of developable land to be redeveloped in five blocks. Dream Impact, in partnership with Great Gulf, has been selected to develop the mixed-use community.

The partners plan a series of towers and midrise multifamily buildings across the various development blocks, with initial plans calling for towers up to 70 storeys.

Today’s announcement mentions only the first phase of the project, and focuses on purpose-built rental apartments. The Quayside project is to offer a range of housing options over the life of the project, including condominiums.

Dream said it expects to release additional details about the projects in conjunction with the release of its Q1 2025 financials on May 5.
 
An interim update on this project goes to next week's Executive Ctte.


In it, we learn that construction is targeted to begin next year; with delivery in 2030-2031.

The intent is to accelerate delivery of all but building 1A, which will be held back as a market-rate condo, for when the market recovers.
 
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What happens to the current triangle between Queen's Quay/Power St./Lakeshore/Parliament, that eventually gets squared off when Parliament is extended and Queen's Quay straighten? Or is that not a part of this project? The image shows green, I just don't know if that means green space. (Currently it's an old budget car rental building)
 
Carpe Diem said:
What happens to the current triangle between Queen's Quay/Power St./Lakeshore/Parliament, that eventually gets squared off when Parliament is extended and Queen's Quay straighten? Or is that not a part of this project? The image shows green, I just don't know if that means green space. (Currently it's an old budget car rental building)
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Block 3 of Quayside. The project spans this whole area:
IMG_3628.jpeg

Credit: Waterfront Toronto
 
Northern Light said:
An interim update on this project goes to next week's Executive Ctte.


In it, we learn that construction is targeted to begin next year; with delivery in 2030-2031.

The intent is to accelerate delivery of all but building 1A, which will be held back as a market-rate condo, for when the market recovers.
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Some info from the STAFF REPORT -

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• Building 1B will include approximately 170 affordable rental and 590 market purpose-built rental homes.

• Buildings 1C1, 1C2 and 1C3 will include 100% affordable rental homes (ranging from 119 to 141 homes) with ground floor retail and an urban farm on the rooftop.

• Building 2 will include approximately 670 market purpose-built rental homes.

___________________

Therefore, these phases will deliver a maximum of ~311 affordable rental apartments in the 1B & 1C Buildings.

They will also deliver ~1,270 market rental apartments in Building 1B & Building 2.

The affordable rental math above appears to disagree with the STAFF stated number of -

"As the result, approximately 550 affordable rental and 1,267 purpose-built rental homes (final home count dependant on final design) will be delivered by 2030/31 in buildings 1B, 1C1, 1C2, 1C3 and 2."
 
HousingNowTO said:
Some info from the STAFF REPORT -

View attachment 643958
• Building 1B will include approximately 170 affordable rental and 590 market purpose-built rental homes.

• Buildings 1C1, 1C2 and 1C3 will include 100% affordable rental homes (ranging from 119 to 141 homes) with ground floor retail and an urban farm on the rooftop.

• Building 2 will include approximately 670 market purpose-built rental homes.

___________________

Therefore, these phases will deliver a maximum of ~311 affordable rental apartments in the 1B & 1C Buildings.

They will also deliver ~1,270 market rental apartments in Building 1B & Building 2.

The affordable rental math above appears to disagree with the STAFF stated number of -

"As the result, approximately 550 affordable rental and 1,267 purpose-built rental homes (final home count dependant on final design) will be delivered by 2030/31 in buildings 1B, 1C1, 1C2, 1C3 and 2."
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I think that the word(s) EACH and PER BUILDING are missing in the STAFF REPORT -

• Buildings 1C1, 1C2 and 1C3 will EACH include 100% affordable rental homes (ranging from 119 to 141 homes) per building with ground floor retail and an urban farm on the rooftop.

...for a TOTAL of ~380 x new affordable rental apartments across those 3 x Buildings.
 
With Bayside R6 across the street that’s a TON of rental going into this neighborhood.

Sounds like these phases will line up with the Waterfront East LRT (assuming it happens and stays on time)
 
Diablo1983 said:
With Bayside R6 across the street that’s a TON of rental going into this neighborhood.

Sounds like these phases will line up with the Waterfront East LRT (assuming it happens and stays on time)
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At this point, I don't think Bayside R6 is ever actually getting built -- given it's location and size they should probably flip it to a PARK space outside the new Recreation Centre that will OPEN this Summer.

Waterfront Toronto and the City should convert the C1 block into residential and deliver the affordable requirement from R6 in that block instead.
 
HousingNowTO said:
At this point, I don't think Bayside R6 is ever actually getting built -- given it's location and size they should probably flip it to a PARK space outside the new Recreation Centre that will OPEN this Summer.

Waterfront Toronto and the City should convert the C1 block into residential and deliver the affordable requirement from R6 in that block instead.
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I’m no expert but I doubt Hines will give that plot up without a wad of cash based on the existing contract for Bayside with Waterfront TO.

Nor can the city bear headlines about giving up affordable housing during the middle of a housing crisis.

So likely a waiting game…
 
I haven't gone to the official Quayside website in awhile. It looks like they added a popup in December. It reads:

"We are experiencing a historic housing and affordability crisis which is now compounded by stalled housing starts. To address the urgent need for housing, QILP, Waterfront Toronto and all levels of government have worked together to make Quayside part of the solution. This means accelerating the delivery of new market and affordable purpose-built rental homes. In December the City of Toronto selected Quayside as a priority project through their new Purpose-Built Rental Incentives stream. This facilitates the delivery of approximately 1,250 purpose-built rental homes in place of market condominiums. We are also working to deliver more affordable rental housing faster, including approximately 550 affordable rental units in the first phase of development, increasing the supply of affordable rental units in the first phase by 100."

Official Quayside Website is here:
https://quaysideto.ca/
 
FYI: I'm a nerd who likes watching question periods in government and such. PM Carney's interview with CBC's Power & Politics was somewhat eye-opening.

PM Carney said we are going to get a list of projects (apparently, within a week) that will be fast tracked. There has been some focus in the last 5 months or so for Quayside, by the City, Province, and Feds. I suspect that is going to be one of the projects on the list. This fast-tracking is supposed to knock timelines down, for example, from 5 years to 2 years.

There is no info yet though. I guess next week, we Torontonians will know for sure.
 
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