Three-tower rental development breaks ground in Scarborough
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The project is the largest single-phase rental development now under construction in Toronto
Construction is underway on Scarborough’s first major purpose-built rental development in more than a generation.
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Located on the west side of Scarborough Town Centre shopping mall, the $750-million project will feature three residential towers made up of 1,285 rental units, with 268 marked as affordable.
“Breaking ground on this rental project is a true milestone for Oxford as we look to use our proven development expertise to deliver much-needed housing solutions for the people of Scarborough, while sustainably intensifying transit-connected land to create mixed-use communities of the future,” says Daniel Fournier, executive chair at Oxford Properties Group, a global real estate investor, developer and manager.
The project – the largest single-phase rental development currently under construction in Toronto – will deliver “critically needed housing in a historically undersupplied area” for people at a variety of price points, Oxford reports.
Oxford, the global real estate arm of OMERS, is backed by a $650-million rental housing construction loan through Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program. The financing allows Oxford to accelerate its plan to intensify its lands around Scarborough Town Centre.
“This generational project signifies a model we hope to replicate across Canada in the years to come and with CMHC as a funding partner, we’re confident it will serve as a prime example of the power of public-private partnerships to work together to address the housing challenges in Canada’s largest cities,” Fournier says.
“Our government is committed to driving housing supply to bring down costs,” says Minister of Housing and Infrastructure Gregor Robertson. “This project will create more rental homes for people living and working in Scarborough and is an example of what’s possible when we work together in partnership with the private sector.”
The project, which will be named Alta, will sit atop two seven-storey podiums featuring both residential and retail space. It’s designed to meet a range of income levels, age groups and family structures with 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes.
The transit-friendly project is close to Scarborough Centre TTC station, which is also serviced by GO Transit and the future Scarborough Subway Extension. With outdoor lounge areas, co-working spaces, a children’s playroom, fitness facilities and a new 22,000-square-foot public park at the development’s south end, the project is designed to encourage well-being and community building.
Expected to be completed by summer 2029, the project will reduce its environmental impact by using a geothermal heating and cooling system that will reduce overall energy use by 55 per cent and greenhouse gas emissions by 74 per cent, Oxford reports.
Alta is the first development within Oxford’s recently-approved master plan for Scarborough Town Centre. The multi-decade plan envisions more than 10,000 residential units built across 89 developable acres to support Scarborough in its evolution and growth as an urban hub, while taking advantage of Scarborough Town Centre’s new transit station.
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