Medallion Corporation Breaks Ground on The Foundry District in Oshawa

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Medallion Corporation has initiated construction on The Foundry District, a transformative mixed-use rental community in downtown Oshawa, revitalizing a long-vacant industrial site.

Medallion Corporation has commenced construction on The Foundry District, an ambitious mixed-use rental community that is set to transform a 23-acre site in downtown Oshawa, which has been vacant for nearly four decades. This site was previously home to the Fittings Factory, a cast-iron manufacturing facility that operated for 85 years before its closure in 1987, leaving a significant void in the area’s economic landscape.
On Thursday, the groundbreaking marked the start of construction for the first two purpose-built rental buildings located at 119 and 151 Bruce Street. One of these structures will reach a height of 10 storeys, while the other will soar to 23 storeys. Collectively, these buildings are poised to deliver over 500 rental homes, with a commitment that 30% of these units will be affordable and additional homes available at rent-geared-to-income rates. The leasing process for these two buildings is anticipated to commence in late 2029.
The project has garnered substantial financial backing, totaling $188 million, sourced from the Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program, the Regional Revitalization Program of the Region of Durham, and a grant agreement with the City of Oshawa. According to Medallion, The Foundry District is one of the largest revitalization initiatives in Durham Region's history. This development comes at a crucial time when there is a pressing demand for purpose-built rental housing throughout the Greater Toronto and Hamilton Area, and indeed across the country.
The Honourable Gregor Robertson, Minister of Housing and Infrastructure, and Minister responsible for Pacific Economic Development Canada, expressed the government’s commitment to increasing housing supply to alleviate costs, emphasizing that this project will significantly contribute to the availability of rental homes for residents of Oshawa. He stated, "This project will create more rental homes for people living and working in Oshawa and is an example of what's possible when we work together in partnership with the private sector. This is another step forward in our bold, ambitious plan to build Canada strong."
Oshawa’s Mayor, Dan Carter, reflected on the significance of this milestone, stating that the groundbreaking symbolizes the end of a long period of waiting. He remarked, "For decades, this land was a reminder of what Oshawa used to be. Today it becomes the foundation of what we are becoming — a growing downtown where thousands of people will live, work and gather, with new community amenities and a beautiful park at the heart of their community."
Plans for The Foundry District also include a proposed park that will serve as a central green space for residents, neighbors, and visitors, strategically located where the factory floor once functioned. Anna Fagyas, Director of Development at Medallion Corporation, highlighted the vision for the area, stating, "We are establishing a new centre of gravity for downtown Oshawa — a place our future residents will call home, and a public realm all of Durham Region can enjoy."
Looking beyond the initial two buildings, Medallion Corporation has grander plans for the entire site, which could accommodate approximately nine additional buildings and around 3,000 rental homes in total. This comprehensive development will also feature local retail spaces, restaurants, and the aforementioned park, aiming to cater to a diverse demographic that includes families, students, seniors, young professionals, newcomers, and downsizers. The site is conveniently positioned near the Tribute Communities Centre and the existing cultural, dining, and business amenities of downtown Oshawa.

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