Toronto City Council has approved the proposed vision for unlocking eight City-owned properties to enable the delivery of affordable housing and other key City objectives through the ModernTO program.
Launched by Mayor Tory in 2019 to make sure the City was using its office space as efficiently and effectively as possible, ModernTO will reduce the City’s office locations from 55 to 15 primarily by ending leases and creating office hubs within key civic buildings including City Hall, Metro Hall and the civic centres in Scarborough, North York, and Etobicoke.
This will also unlock eight City-owned properties with an estimated land value of $450 million for city-building purposes, including the delivery of affordable housing, City services and other priorities.
These sites include:
– 610 Bay Street
– 277 Victoria Street
– 931 Yonge Street
– 33 Queen Street E.
– 75 Elizabeth Street
– 1900 Yonge Street
– 18 Dyas Road
– 95 The Esplanade
Working with our partners in the City’s Corporate Real Estate Management division, City Planning and other City agencies, CreateTO has undertaken a preliminary due diligence and site visioning process for the eight sites, resulting in a recommended portfolio strategy designed to optimize the city-building opportunities across the portfolio.
It is anticipated the plan will deliver between 500 to 600 affordable housing units in prime downtown and midtown locations, infrastructure and service improvements, new institutional and civic spaces while contributing funds towards future strategic land acquisitions through the City’s Land Acquisition Reserve Fund (LARF).
Redevelopment opportunities will be determined with input from local councillors, impacted communities, current occupants, City divisions, as well as external partners.
For more information, view the report and press release.