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<\/a><\/p>\nOxford 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\u2019s first major purpose-built rental development in over a generation. (CNW Group\/Oxford Properties)<\/p>\n<\/div>\n
Oxford Properties Group has broken ground on Scarborough, Ontario\u2019s 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\u2019s 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.<\/p>\n
Oxford, the global real estate arm of OMERS, has secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation\u2019s (CMHC) Apartment Construction Loan Program (ACLP) to fund the project, which is the largest single-phase rental development currently under construction in Toronto.<\/p>\n
The financing will allow Oxford to accelerate its plan to intensify the lands around Scarborough Town Centre.<\/p>\n
\u201cBreaking 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,\u201d said Daniel Fournier, executive chair at Oxford Properties. \u201cThis generational project signifies a model we hope to replicate across Canada in the years to come, and with CMHC as a funding partner, we\u2019re 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\u2019s largest cities.\u201d<\/p>\n
\u201cOur 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,\u201d stated federal housing and infrastructure minister Gregor Robertson. \u201cIt\u2019s an example of what\u2019s possible when government and the private sector work together. It\u2019s also another step forward in our bold, ambitious plan to build Canada strong.\u201d<\/p>\n
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.<\/p>\n
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\u2019s playroom, fitness facilities and a new 22,000-square-foot public park at the south end of the development.<\/p>\n
Oxford has brought on Reliance to serve as construction manager for the project, with oversight from Oxford\u2019s internal construction management team, led by David McFarland, vice-president of construction.<\/p>\n
Alta marks the first development within Oxford\u2019s 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\u2019s proximity to a new transit station.<\/p>\n
\u201cIt 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,\u201d said Blake Hutcheson, president and CEO of OMERS. \u201cIt 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.\u201d<\/p>\n
www.oxfordproperties.com<\/a><\/p>\n<\/div>\n
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