Some of the 494 rental units will be housed in these new buildings at 300 The East Mall, the Valhalla Village.
More rental housing is coming to our community.
Some 494 rental apartments are being built at 300 The East Mall, the Valhalla Village Phase 1 project, which will be a two-tower development providing rental housing for individuals and middle class families.
An announcement was made by Etobicoke Centre MP Yvan Baker, on behalf of Sean Fraser, Minister of Housing, Infrastructure and Communities, and by MP James Maloney, the MP for Etobicoke Lakeshore.
Valhalla Village is a mixed-use complex in which is proposed a 37, 30,21 and 11-storey buildings designed by BDP Quadrangle for KingSett Capital and located at the northwest corner of The East Mall and Bloor Street West.
The rental units by the federal and municipal governments should be ready to house families or individuals in 2027.
The project is expected to be completed by May 2027.
“Too many Canadians are struggling to find somewhere to rent and call home, especially here in Toronto,” said Baker. “The federal government is reversing this trend, and through the Apartment Construction Loan Program, incentivizing the development of much-needed rental units in the whole country.”
He said the project will help to increase the supply of housing and create a huge difference in strengthening our communities.
“This investment from the federal government demonstrates our strong commitment to working with all communities to meet the challenge of building more rental housing,” Maloney said.
The Valhalla Village, at 300 The East Mall, when the complex is completed.
He said the housing will create thousands of safe, well-built homes for hardworking Canadians and add much needed supply to the rental market in Toronto.
“The 172 affordable rental housing opportunities are a testament to what can be achieved when different orders of government and developers work together,” Mayor Olivia Chow said.
“I am determined to create more affordable housing options so more people can continue to call Toronto home,” she said.
One building will feature community agency space and retail at ground level, and office space on the second floor.
Four mixed-use towers will be built on the site of what used to be three office buildings.
Council approved about $10 million in financial incentives through a City Open-Door program including property tax and development charge exemptions and permit fee waivers to support the Valhalla Village project.
As of last September, Ottawa has committed over $38.89 billion to support the creation of over 151,803 units and the repair of over 241,133 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
The Apartment Construction Loan Program provides fully repayable low-interest loans to encourage the construction of more rentals for middle class Canadians.
Through the program, the federal government is encouraging the construction of more than 71,000 rentals.
The federal government announced last December an agreement of over $471 million with the City of Toronto, to fast-track nearly 12,000 new housing units over the next three years through the Housing Accelerator Fund. The work will also help spur the construction of 53,000 homes over the next decade.