Oxford Properties Group (Oxford) recently broke ground on Scarborough’s first major purpose-built rental (PBR) development in over a generation; a project which Oxford says is the largest single-phase rental development currently under construction in Toronto.
Located on a 3.4-acre parcel of land on the west side of Oxford’s Scarborough Town Centre shopping mall (STC), the development will consist of three residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable, with the aim of delivering housing in a historically undersupplied area.
In support of this transit-oriented rental development, Oxford has announced that 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 aims to allow Oxford to accelerate its plan and help address the housing crisis faced by the City of Toronto by adding a source of new purpose-built rental supply, as well as a substantial delivery of affordable units for the Scarborough community.
“Breaking ground on this rental project 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 three residential towers and sit atop two 7-storey podiums featuring residential and retail space.
Designed to accommodate a range of income levels, age groups, and family structures, Alta will offer a unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes. It is also being designed to promote wellbeing and community building through the inclusion of extensive indoor and outdoor amenities. These include 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.
The completed project seeks to reduce its environmental impact by using a geothermal heating and cooling system that will reduce overall energy use by 55 per cent and greenhouse gas emissions by 74 per cent.
Alta marks the first development within Oxford’s recently approved master plan for STC. The multi-decade plan envisions more than 10,000 residential units built across 89 developable acres to support Scarboroug, while optimizing STC’s relationship to the new transit station.
The development is also part of a series of recent investments made by Oxford in Canada, where it has announced almost $2 billion of activity, including an acquisition of a seven-asset Western Canada office portfolio, and a redevelopment of two office towers at Canada Square in Midtown Toronto.
Construction on Alta is expected to be completed by summer 2029.