Greenwin and KingSett Capital Break Ground on New Mixed-Use, Transit-Oriented Housing Project at 50 Wilson Heights Blvd.
-- The second Housing Now site to break ground, bringing 1,484 homes, including 520 affordable rental homes, to City's housing market --
TORONTO, Dec. 2, 2024 /CNW/ - Greenwin and KingSett Capital, in partnership with the City of Toronto, CreateTO, and Tridel, celebrated the start of construction on a new mixed-use, transit-oriented housing project adjacent to the TTC's Wilson Station that will deliver a total of 1,484 homes including 520 affordable rental homes.
The City of Toronto, in partnership with CreateTO, is supporting the delivery of this project through the HousingTO 2020-2030 Action Plan's (HousingTO Plan) Housing Now initiative, which makes City-owned lands available to develop affordable rental housing.
The site at 50 Wilson Heights Blvd., a former commuter parking lot, is being developed by Greenwin, KingSett Capital, and Tridel. The development will include a mix of studio-to three-bedroom rental homes available to residents of various income levels. In addition to housing, the project will include a childcare centre, community use space, a public park, a new public road and retail space. To advance the City's TransformTO climate action objectives, the development will target the Toronto Green Standard and will be serviced by a geothermal energy supply.
Housing Now is a key housing supply program that supports the City's HousingTO Plan target of 65,000 new rent-controlled homes including 41,000 affordable rental, 6,500 rent-geared-to-income (RGI) and 17,500 rent-controlled homes by 2030. To date, the City has committed more than $1.3 billion in land value, capital funding and financial incentives to the program, making Housing Now one of the most significant municipal financial investments in housing underway.
"Breaking ground at 50 Wilson Heights Blvd. is a milestone for Toronto's housing future. Greenwin is pleased to partner with the City of Toronto, CreateTO, KingSett Capital and Tridel on a property that combines affordable and market housing, vibrant community spaces, and geothermal-powered design. This project reflects our commitment to building inclusive, connected, sustainable neighbourhoods that will benefit Torontonians for years to come," said Kevin Green, President and CEO, Greenwin.
"KingSett is a business built on relationships. Nowhere is this more evident than 50 Wilson Heights, where many partners in the private, government and agency sectors will come together at scale to address the challenge of affordable housing in Toronto. Our Affordable Housing Fund is well positioned to meet this ongoing challenge, and I would like to thank all of our partners for their continued support on this and future KingSett Affordable Housing Fund initiatives," said Jeff Thomas, Group Head, Development, KingSett Capital
"Our vision for Toronto is to see families live, work and thrive without having to worry about securing affordable rents, accessing transit or finding childcare or green spaces for kids to play. This transit-oriented community brings all of these elements together, creating a sensible and replicable model for city-building. I am so pleased to see this project take flight and share my gratitude to everyone involved in making this a reality," said Mayor Olivia Chow.
"Today's groundbreaking of 50 Wilson Heights Blvd. is a major milestone in CreateTO's commitment to addressing Toronto's housing challenges through leveraging City-owned land. By transforming a parking lot into a vibrant, mixed-use neighborhood, we are delivering much-needed housing alongside vital public spaces, community services and amenities. This milestone reflects the strength of public-private collaboration and partnerships in creating sustainable, livable communities that will benefit residents and our neighbourhoods," said Vic Gupta, CEO, CreateTO.
About Greenwin
Greenwin is one of Ontario's largest privately-owned, full-service property management and development firms. Founded in 1948, Greenwin manages more than $3.3 billion in real estate assets spanning across major urban centres in Central Canada. This portfolio includes more than 1 million square feet of commercial space and nearly 22,000 residential units. Greenwin is committed to investing in people and places to create exceptional, inclusive rental communities - one building at a time. For more information, visit www.greenwin.ca.
About KingSett Capital
Founded in 2002, KingSett Capital is a leading Canadian private equity real estate investment business which creates and co-invests in real estate investment solutions to deliver sustainable premium risk weighted returns. KingSett manages $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies. For more information, visit www.kingsettcapital.com.
About CreateTO
CreateTO was formed in 2018 as the City of Toronto's real estate agency. The organization brings together stakeholders, partners and community members to ensure the best use of the City's real estate assets for today and tomorrow. CreateTO manages the City's $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers client focused real estate solutions – ensuring a balance of both community and economic benefits to build the city we love. More information is available on the CreateTO website: www.createto.ca.
About the City of Toronto
Toronto is home to more than three million people whose diversity and experiences make this great city Canada's leading economic engine and one of the world's most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City's website or follow us on X, Instagram or Facebook.
About Tridel
Celebrating 90 years of homebuilding, Tridel® is one of Canada's leading developers and builders of condominium residences, building homes since 1934. Tridel is part of the Tridel Group of Companies, which has delivered over 90,000 homes to date. Tridel develops socially and environmentally responsible condominium communities and invests in innovations that promote sustainable design, high performance in construction, social inclusion and cohesion, and community economic development. Tridel currently has more than 20 new communities under development in the Greater Toronto Area. For more information, visit tridel.com.
SOURCE Greenwin Corp.
For more information, contact: Greenwin, Jessica Green, 416-994-9451, [email protected]; KingSett Capital, David Ryan, Edelman Smithfield, 416-455-1927, [email protected]; CreateTO, [email protected]; City of Toronto, [email protected]
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