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Province Sells Land to Build Affordable Housing Downtown Toronto
Monday, April 29, 2019
The Ontario Government announced today they have successfully completed the sale of a property downtown Toronto to Choice Property Real Estate Investment Trusts and Greenwin Incorporated.
The land was sold to create 200 new affordable housing units that will be a mix-income setting of housing, retail space and daycare.
The 0.90 acres of land is located between 26 Grenville St. and 27 Grosvenor St. in the Bay Street and Yonge Street, Toronto neighbourhood – just steps away from transit, government buildings, restaurants, businesses, and medical facilities.
The Grenville-Grosvenor redevelopment will save 60,000 each year in operating and maintenance costs.
Currently, the land is a low-rise parking garage and a building that once housed the Ontario Chief Coroner's office and sold for $36 million.
The re-developed land will include a minimum of 700 rental units, 200 units (30 %) of which will be for affordable housing.