New Affordable Housing Development Opens in Etobicoke

📅 3 days ago

KingSett Capital Affordable Housing LP has opened 217 new affordable rental homes in Etobicoke, part of a larger redevelopment project called West Square.

In a significant development for affordable housing in Toronto, KingSett Capital Affordable Housing LP has celebrated the opening of 217 new rental homes located at 15 Gibbs Rd. in Etobicoke. This initiative is part of a broader redevelopment project known as West Square, which aims to create a mixed-income and mixed-use community in the area. Upon completion, West Square is projected to encompass a total of 1,135 residential units, which will include 788 market rental homes alongside 347 affordable rental units.
The newly opened affordable homes feature a variety of layouts, including studio, one-bedroom, two-bedroom, and three-bedroom options, catering to a diverse range of tenants. The redevelopment plan also envisions a public park, shared indoor amenities, and designated spaces for community organizations, enhancing the livability and community engagement of the area. Furthermore, the project's design emphasizes proximity to public transit, making it more accessible for residents.
The City of Toronto is actively supporting the West Square development through an investment of approximately $11.9 million in financial incentives, which are part of the city's Rental Housing Supply Program. These incentives include exemptions from various development-related fees and charges, as well as property tax exemptions for the first phase of the project. This support highlights the city's commitment to increasing the availability of affordable housing options.
West Square is not an isolated project; it is one of 50 affordable housing initiatives currently underway across Toronto, reflecting a broader effort to address the pressing need for affordable rental units in the city. As urban areas continue to grapple with housing shortages and rising costs, developments like West Square are critical in providing viable living options for residents of varying income levels.

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