$185M Federal Loan Backs 474-Unit Toronto Rental Tower
Osmington Gerofsky Development and WJ Properties have formally broken ground on a 474-unit rental tower in Toronto’s Flemingdon Park neighbourhood, advancing the first phase of a larger redevelopment backed by $185M in federal construction financing.
The groundbreaking, announced Oct. 1, marks a milestone for the property at 9 St. Dennis Dr., which the Weinbaum family has owned for more than 60 years.
The 38-storey tower is the first of three phases in a planned 2,300-unit redevelopment near Don Mills Road and Eglinton Avenue East, directly across from the future Flemingdon Park station on the Ontario Line.
The project has secured $185M in low-cost financing through Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program, providing federal support for a major purpose-built rental development as construction costs continue to challenge new housing projects.
The first tower will contain 474 rental apartments, including 95 affordable units, along with new public parkland and pedestrian connections.
Construction activity began months before the formal groundbreaking, with geothermal drilling starting in May. The development will use 99 boreholes to provide heating and cooling, part of a design expected to reduce energy consumption by 60% and greenhouse gas emissions by 80% compared with a conventional code-built building.
The development team says shoring is nearly complete, with foundation work next.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout