Published:Mirvish Village, the massive mixed-use development under construction at the former site of the old Honest Ed’s discount department store, is expected to welcome its first residents next year.
The multi-tower project at the southwest corner of Bloor and Bathurst streets is set to include about 900 purpose-built rentals — more than a third of which will be designated as affordable., demand for these lower-priced units is likely to be off the charts once they become available.Mirvish Village developer Westbank Corp.
Prospective tenants will be able to register an “expression of interest application” for 37 of the units that will be open to the public, according to the city. Once selected in a random draw process, applicants will be asked to submit a full application. In addition, 48 units will be set aside for referral partnerships with local non-profits., which provides incentives such as capital funding, property tax relief and fee exemptions to developers who build affordable housing.
The remaining 15 units to be priced at 80% of average market rents will be provided by the developer and available once their buildings are completed. Under a separate batch of affordable units, 266 apartments will be leased at rates no higher than 30% of the median household income. These units will be leased on a first-come, first-served basis once their buildings are completed, Ariele Peterson, a spokesperson for Westbank, said in an email to STOREYS.Will They Be Affordable Enough to Make a Difference?