Two new high-rise residential towers will appear
Government officials, along with the Canada Mortgage and Housing Corporation, have announced a massive $168.5 million investment in the construction of two new multi-residential buildings in Ajax, Ontario.
The insured loan, which will be provided through the Rental Construction Financing initiative of the CMHC, will fund the project developed by Medallion Developments. Situated at 100 Bayly Street, the residential complex will offer approximately 551 new housing units in two buildings, one 23 storeys tall and the other 19 storeys.
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The project marks the second phase of a three-part master plan development known as the Vision at Pat Bayly Square. The federal government previously provided $60 million in funding for the first phase, to help build 308 new housing units.
The RCFi is the arm of the National Housing Strategy that aims to build more than 71,000 new housing units nationwide. A Budget 2021 proposal outlines that through the RCFi, $300 million will be allocated from 2021 to 2023 to support the conversion of vacant commercial assets into market-based housing
“As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies,” CMHC said. “This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the liveability and affordability of urban communities.”
