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Today, Mayor Olivia Chow, Salma Zahid, Member of Parliament for Scarborough Centre—Don Valley East, Councillor Michael Thompson (Scarborough Centre) and City of Toronto staff to break ground on Canada’s largest co-op housing development in a generation.

About Kennedy Green
This development, on City-owned land adjacent to Kennedy GO and TTC Station, will deliver a total of 612 new homes including affordable and market rent-controlled co-operative homes. Funding for the project is provided by the federal government, through the Co-operative Housing Development Program and by the City.

Kennedy Green located at 2444 Eglinton Ave. E., formerly a commuter parking lot, is being developed through a partnership between the City, CreateTO and the Co-operative Housing Federation of Toronto. Civic Developments and its partners are providing development management services.

This site is one of almost 100 City-owned sites that are either housing-ready or may be unlocked for new housing. Kennedy Green will consist of two co-op buildings with a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. 

Kennedy Green is a prime example of the City’s commitment to speed up approval times to get more affordable housing built. Thanks to the collaboration between CreateTO, the City and the developer group, this project’s application for re-zoning was approved in just sixty-nine days.

Award winning design
The all-Canadian design team behind Kennedy Green includes Vancouver-based Henriquez Partners Architects and Montreal-based landscape architects CCxA. The project has been recognized internationally receiving design accolades including a Future Homes Award for Mixed-Use Buildings and the 2025 Green Good Design Award for Green Architecture.

With a geothermal energy system, the building will support the City’s climate action objectives and achieve Toronto Green Standard Version 4, Tier 2. Kennedy Green is also being delivered under the One Planet Living Framework – a first for Toronto – to promote sustainable living. The site will also offer 474 square metres of community space as well as 332 square metres of retail space.

This project is contributing to the City’s HousingTO Plan target to deliver 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. More information is available on the City’s website.
 
CMHC - “Canada announces 612 homes in Toronto”

  • Funding provided for 2444 Eglinton Street is as follows:
    • Over $289 million from the federal government, through Co-operative Housing Development Program
    • More than $35 million from the City of Toronto

Canada announces 612 homes in Toronto

Canada helps to build more homes, faster, in Toronto.
www.cmhc-schl.gc.ca www.cmhc-schl.gc.ca
 
All the permits that should be in process here are..... save and except 1.

There is no demolition permit pending for the existing building.
 
Councillor Thompson (and Councillor Perks) had to move some financial agreement changes on this site - that look to be related to the value of the "Condo" section of the redevelopment lands near the very end of yesterday's Council meeting -

MM35.39 - 2444 Eglinton Avenue East - Project Amendments​


"...The proceeds from the sale of a portion of the lands to CW Kennedy LP, the value of which is set out in Confidential Attachment 1, were intended to be provided to Kennedy Green Non-Profit Co-operative Inc. The City was not responsible for this payment, other than directing CW Kennedy LP to send the funds to Kennedy Green Non-Profit Co-operative Inc. on closing.

Due to current market conditions, CW Kennedy LP has indicated that it is not in a position to complete the purchase of the Market Lands in a timely manner. Because Kennedy Green Non-Profit Co-operative Inc. was expecting the funds, the City is pursuing alternative mechanisms to support the co-op.

Although staff continue to work towards an agreement with CW Kennedy LP to complete the development on the Market Lands, authority is being sought to approve amended key business terms to ensure the affordable housing project on the Non-Profit Lands continues to advance."
------

Will dig into the details more in the new year... but looks like the City is covering some gap-funding to bridge the value-drop of the PRIVATE sale portion of the lands.
 
HousingNowTO said:
Councillor Thompson (and Councillor Perks) had to move some financial agreement changes on this site - that look to be related to the value of the "Condo" section of the redevelopment lands near the very end of yesterday's Council meeting -

MM35.39 - 2444 Eglinton Avenue East - Project Amendments​


"...The proceeds from the sale of a portion of the lands to CW Kennedy LP, the value of which is set out in Confidential Attachment 1, were intended to be provided to Kennedy Green Non-Profit Co-operative Inc. The City was not responsible for this payment, other than directing CW Kennedy LP to send the funds to Kennedy Green Non-Profit Co-operative Inc. on closing.

Due to current market conditions, CW Kennedy LP has indicated that it is not in a position to complete the purchase of the Market Lands in a timely manner. Because Kennedy Green Non-Profit Co-operative Inc. was expecting the funds, the City is pursuing alternative mechanisms to support the co-op.

Although staff continue to work towards an agreement with CW Kennedy LP to complete the development on the Market Lands, authority is being sought to approve amended key business terms to ensure the affordable housing project on the Non-Profit Lands continues to advance."
------

Will dig into the details more in the new year... but looks like the City is covering some gap-funding to bridge the value-drop of the PRIVATE sale portion of the lands.
Click to expand...

TORONTO STAR -
Tom Clement, executive director of the Co-operative Housing Federation of Toronto — one of several groups involved in the Kennedy development — said as of four years ago, their team expected the land the city planned to sell to be worth around $14 million. That money would go toward the more than $300-million co-op project price-tag, Clement said.
Concern about the land sale being delayed came up over the last few months, he recalled. Clement sees Thompson’s motion to council as getting ahead of a problem that would have reared its head within the next few years. “Things are moving as fast as they can,” Clement said, “and we don’t have time for any more roadblocks, so the city is finding a way to sort things out.”

www.thestar.com

City Hall crafts Plan B for giant Scarborough co-op after multimillion dollar land sale to help bankroll it is delayed

Problems with Toronto’s largest co-op development in decades shines a light on difficulties in the public-private affordable housing dynamic across the city — particularly in a shaky real estate market.
www.thestar.com www.thestar.com
 
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