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First Major Purpose-Built Housing Project in Scarborough in Over a Generation
Last summer, Oxford Properties Group, broke ground on Scarborough's first major purpose-built rental development in over a generation. Situated on a 1.4-ha parcel of land on the west side of Oxford's Scarborough Town Centre (STC) shopping mall, the development will consist of 3 residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable, with the aim of delivering critically needed housing in a historically undersupplied area for people at a variety of different price points. The project is the largest single-phase rental development currently under construction in Toronto, Ontario. In support of this transit-oriented rental development, Oxford, the global real estate arm of OMERS, is proud to announce it has secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation's (CMHC) Apartment Construction Loan Program (ACLP). This represents the largest single loan issued out of Toronto that CMHC has approved and committed to through the ACLP. The financing provided by CMHC allows Oxford to accelerate its plan to densify the use of lands to help address the housing crisis faced by the City of Toronto by adding a significant source of new purpose-built rental supply, as well as a substantial delivery of affordable units, into the Scarborough community. “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.” The 1,285 purpose-built rental homes, which will be named Alta, will feature 3 residential towers and sit atop 7-storey podiums featuring both residential and retail space. Intentionally designed to accommodate a range of income levels, age groups, and family structures. The project will benefit from its close proximity to Scarborough Centre TTC station, which is also serviced by GO Transit, and the future Scarborough Subway Extension. Alta marks the first development within Oxford's recently approved master plan for STC. 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, while optimizing STC’s relationship to the new transit station. Construction on Alta is expected to be completed by Summer 2029.
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