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Today, the City of Toronto announced the ground breaking for an affordable housing initiative at 300 The East Mall in Etobicoke. The City celebrated the milestone that will result in 172 new affordable rental units being built in the Eatonville-Bloorlea area along with nearly a thousand new market rate rentals, a significant addition to housing stock on the west side of the city.
The project, named Valhalla Village for its location beside the former Valhalla Inn site, is going forward as a result of the collaboration between the City of Toronto, the Government of Canada, and private sector partners led by landowner and developer KingSett Capital. The development, which includes three towers ranging from 21 to 37 storeys plus an 11-storey mid-rise building to be built over multiple phases, will offer a total of 1,135 homes. This mix comprises 963 market-rate units and 172 affordable rental homes, providing a diverse range of living options from studios to three-bedroom apartments. In addition to the residential component, the plans call for 1,179m² of retail at grade, along with 2,801m² of office space in the podium.
Rob Kumer, Chief Executive Officer, KingSett Capital stated “We are thrilled to be breaking ground on Valhalla Village and moving forward with construction of this important development. Valhalla Village, which is on track to achieve zero carbon building design certification in 2024, will be the first, ground-up housing development for the KingSett Affordable Housing Fund. It will create much-needed affordable housing at a critical time for the community and for the City of Toronto.”
This initiative benefits from the City's Open Door affordable housing program, which supports the delivery of affordable homes through financial incentives. In the case of Valhalla Village, City Council approved approximately $9.87 million in incentives, including property tax and development charge exemptions and permit fee waivers. Further support from The Government of Canada included $235.9 million in fully repayable low-interest loans. These homes will remain affordable for a minimum of 40 years, with rents set at 100% of the Average Market Rent as reported by the Canada Mortgage and Housing Corporation (CMHC).
Regarding the federal government's participation, Yvan Baker, Member of Parliament for Etobicoke Centre where the project is located, said “Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto. That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country. Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities.”
Valhalla Village is not only notable for its affordable housing component but also for the evolution of its design and scope. The design by BDP Quadrangle has undergone revisions since its initial planning submissions in 2018 and 2019, including updates to the buildings' exterior expressions. The current proposal, refined from previous versions, outlines buildings of varying heights; 11, 21, 30, and 37 storeys, and ranging from 42.5m to 122.09m in height, a slight adjustment from the earlier plan. This is also a reduction from the initial plan, in which the two tallest towers would have been 33 and 40 storeys.
The project's construction phase began in 2021 with the demolition of the former Valhalla Executive Centre, an office complex dating back to the late 1970s. Now, after a pause, the site is in the early stages of construction again with the recent arrival of shoring machines to commence work excavation.
Valhalla Village is a component of Toronto's HousingTO 2020-2030 Action Plan, which aims to produce 65,000 new rent-controlled homes across the city over the next decade. The plan requires collaboration and investment from all levels of government and the private sector to achieve the ambitious target.
Mayor Olivia Chow lauded this development, stating, “The 172 affordable rental housing opportunities at 300 to 304 The East Mall are a testament to what can be achieved when different orders of government and developers work together.” This underlines the City's commitment to expanded housing offerings and ensuring that a broader spectrum of residents can find a place to live in Toronto.
As construction gets underway at 300 The East Mall, Valhalla Village stands as a promising example of how urban development can be blended with social objectives, by providing affordable housing within a mixed-income and mixed-use project.
UrbanToronto will continue to follow progress on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.
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