BUILD Campaign Name 2023 Oxford breaks ground on $750 million rental development to deliver first major purpose-built housing project in Scarborough in over a generation Representing Toronto's largest active single-phase purpose-built rental development, with over 20 percent of units marked as affordable, the project is backed by a $650 million CMHC loan Oxford Properties Group, a leading global real estate investor, developer and manager, broke ground on Scarborough's first major purposebuilt rental development in over a generation. Situated on a 3.4-acre parcel of land on the west side of Oxford's Scarborough Town Centre shopping mall, the development will consist of three residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable, with the aim of delivering critically needed housing in a historically undersupplied area for people at a variety of different price points. The project is the largest single-phase rental development currently under construction in Toronto. In support of this transit-oriented rental development, Oxford, the global real estate arm of OMERS, is proud to announce it has secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation's ("CMHC") Apartment Construction Loan Program ("ACLP"). This represents the largest single loan issued out of Toronto that CMHC has approved and committed to through the ACLP. The financing provided by CMHC allows Oxford to accelerate its plan to intensify the lands around STC to help address the housing crisis faced by the City of Toronto by adding a significant source of new purpose-built rental supply, as well as a substantial delivery of affordable units, into the Scarborough community. "Breaking ground on this development 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," said Daniel Fournier, Executive Chair at Oxford Properties. "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." "Our Government is committed to driving housing supply to bring housing costs down. This project will create more much-needed rental homes for the people living and working in Scarborough. It's an example of what's possible when government and the private sector work together. It's also another step forward in our bold, ambitious plan to build Canada strong." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure "We are building more affordable homes to address the housing crisis. The project at 25 Borough Drive will create 1,285 new homes for Torontonians, including studios, one-bedroom, two-bedroom and three-bedroom apartments and townhomes. The City of Toronto is proud to support this project through the Rental Housing Supply Program. We are stronger together, working with the Government of Canada to create more affordable homes in Scarborough to meet the needs of our growing city." – Olivia Chow, Mayor of Toronto The 1,285 purpose-built rental homes, which will be named Alta, will feature three residential towers and sit atop two 7-storey podiums featuring both residential and retail space. Intentionally designed to accommodate a range of income levels, age groups, and family structures, Alta will offer a broad unit mix of 51
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