A condo tower in Toronto’s east end is the latest in a string of developments that have made it harder for renters to live in their homes.
The Toronto condo building was approved last week by the city, with a goal of opening up 5,000 units of affordable housing over the next 10 years.
But there are some key differences between the current tower and the one proposed for the area.
First, the city says the condo will be taller than the original proposed height, from 1,716 feet to 1,824 feet.
“There’s not going to be a building that’s a lot taller than this,” city councillor Adam Vaughan told reporters.
But a spokesperson for the tower’s developer, LTC Properties, says the taller tower will be a lot more than 1,000 feet taller than current plans.
“We’re building a tower that’s taller than what’s currently planned in the city,” spokesperson Heather Stiles told reporters Wednesday.
The height difference between the two towers will likely be minimal, because the condo is expected to be built on a lower floor of the existing building, which will have about 2,000 apartments on a two-level building.
“The new tower will have no fewer than 10 units,” the spokesperson added.
“That means it will be about half as large as the existing tower.”LTC Properties’ project will be built in a neighbourhood already home to many units of high-rise residential condos.
It will also be the first condo tower ever built in the GTA.
The company has promised to provide 1,500 affordable units of rental housing by 2025, with most of them located on the ground floor of a tower.
But as it stands, there are just under 5,600 apartments in the Toronto condo market, with 1,200 units already occupied.
Vaughan says the city’s plan to build 5,200 new rental units in Toronto is still in the works, and will include a pilot program for tenants who would be offered rental units of a similar size.
The new building will also have about 20,000 square feet of retail space, and a mix of condos and one-bedroom units.