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Ground has been broken on Toronto’s largest active single-phase purpose-built rental development, to be built at Oxford’s Scarborough Town Centre.
Oxford executives Steve Nightingale, Sherif Masood, Tyler Seaman, Liz Murphy, Daniel Fournier, Lena Choi, Alysha Valenti along with the Honourable MP Michael Coteau, City of Toronto councillor and deputy mayor for Scarborough, Paul Ainslie and MP David Smith break ground on Alta, Scarborough’s first major purpose-built rental development in over a generation. (CNW Group/Oxford Properties)
Oxford Properties Group has broken ground on Scarborough, Ontario’s first major purpose-built rental development in over a generation. Situated on a 3.4-acre parcel of land on the west side of Oxford’s Scarborough Town Centre shopping mall, the development will consist of three residential towers containing 1,285 purpose-built rental units, 268 of which will be affordable, as the company aims to deliver critically needed housing in a historically undersupplied area for people at a variety of different price points.
Oxford, the global real estate arm of OMERS, has secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program (ACLP) to fund the project, which is the largest single-phase rental development currently under construction in Toronto.
The financing will allow Oxford to accelerate its plan to intensify the lands around Scarborough Town Centre.
“Breaking ground on this development is a true milestone for Oxford as we look to use our proven development expertise to deliver much-needed housing solutions for the people of Scarborough, while sustainably intensifying transit-connected land to create mixed-use communities of the future,” said Daniel Fournier, executive chair at Oxford Properties. “This generational project signifies a model we hope to replicate across Canada in the years to come, and with CMHC as a funding partner, we’re confident it will serve as a prime example of the power of public-private partnerships to work together to address the housing challenges in Canada’s largest cities.”
“Our government is committed to driving housing supply to bring housing costs down. This project will create more much-needed rental homes for the people living and working in Scarborough,” stated federal housing and infrastructure minister Gregor Robertson. “It’s an example of what’s possible when government and the private sector work together. It’s also another step forward in our bold, ambitious plan to build Canada strong.”
The 1,285 purpose-built rental homes, which will be named Alta, will feature three residential towers and sit atop two seven-storey podiums featuring both residential and retail space. Intentionally designed to accommodate a range of income levels, age groups, and family structures, Alta will offer a broad unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes.
The project is being designed to promote wellbeing and community building with the inclusion of extensive indoor and outdoor amenities, including outdoor lounge areas, co-working spaces, a children’s playroom, fitness facilities and a new 22,000-square-foot public park at the south end of the development.
Oxford has brought on Reliance to serve as construction manager for the project, with oversight from Oxford’s internal construction management team, led by David McFarland, vice-president of construction.
Alta marks the first development within Oxford’s recently approved master plan for Scarborough Town Centre. The multi-decade plan envisions over 10,000 residential units built across 89 developable acres to support Scarborough in its evolution and growth as an urban hub, optimizing the neighbourhood’s proximity to a new transit station.
“It is more important than ever that governments at all levels in Canada come together with the private sector to make bold choices that improve Canadian communities, and this project is the perfect example,” said Blake Hutcheson, president and CEO of OMERS. “It will help deliver returns for our members, while also improving housing choice in a community that so many of them proudly call home and serve.”