Construction Begins on New Purpose-Built Rental Building in Toronto's Leaside

📅 3 days ago

Hazelview Investments and Sierra Corporation have commenced work on a new rental development in Toronto, featuring 217 homes, including affordable and accessible units, with a focus on family housing and sustainability.

In a significant development for Toronto's housing market, Hazelview Investments and Sierra Corporation have officially commenced construction on a new 15-storey rental building located at 383–389 Cleveland Street in the Leaside neighbourhood. This project aims to provide 217 rental homes, which will include 43 affordable units and an additional 33 units designed for accessibility. The anticipated completion date for occupancy is set for 2028.
Originally envisioned as a condominium, the project underwent a transformation into a rental development in response to evolving market dynamics and a sustained belief in the demand for rental housing. The diverse suite mix will comprise 52 one-bedroom units, 89 one-bedroom-plus-den units, 54 two-bedroom units, 17 three-bedroom units, and five three-bedroom-plus-den units. Notably, 76 of these units will feature two bedrooms or more, underscoring a commitment to accommodating families within the purpose-built rental sector.
Residents of the new building will enjoy approximately 8,500 square feet of amenity space, which is divided into both indoor and outdoor areas. The indoor amenities, spanning 4,500 square feet, will include a fitness centre, a wellness and yoga studio, a kids’ playroom, a boardroom, a co-working area, a party room, and a lounge, along with a dining room equipped with a chef’s kitchen. The outdoor amenities, totaling 4,000 square feet, will feature lounge spaces with barbecues, resident gardens, an outdoor working area, a play area for children, and a dedicated dog run.
A significant aspect of this project is its adherence to accessibility standards, with 33 units built to meet the Canadian Standards Association (CSA) Standards for accessibility. Furthermore, the development is designed to fulfill Tier 3 requirements of the National Energy Code of Canada for Buildings 2020, which emphasizes energy efficiency and sustainability.
In a notable first for Hazelview Investments, this project will incorporate a geothermal-based mechanical system, enhancing its environmental performance. The City of Toronto is backing the initiative through its Rental Housing Supply Program, providing approximately $5.4 million in financial support along with a 40-year property tax exemption, which is estimated to be worth around $1.8 million. This investment highlights the city’s commitment to increasing rental housing supply and improving living conditions in the area.

Related Posts