City Council Approves Development of 447 New Rental Homes in Midtown Toronto

Toronto ON – Toronto City Council has greenlit a transformative housing initiative at 275 Merton St., set to introduce 447 new purpose-built rental homes to the city’s housing landscape. The project, spearheaded by a strategic partnership between the City and Collecdev-Markee, aims to address pressing housing needs across diverse income brackets.

“Through this partnership, the City is supporting a strategic land assembly that will deliver significant city-building benefits, including a substantial number of affordable and market rent-controlled homes,” remarked Mayor Olivia Chow. “The proposed housing project is a much-needed step towards delivering on the City’s housing targets and will provide options for Torontonians of low-and moderate-income levels.”

This development initiative comes at a crucial time as Toronto grapples with dual housing crises—rising rents squeezing middle-income earners and a shortage of deeply affordable options for marginalized residents. Under the plan, 30% of the new homes will remain affordable in perpetuity, aligning with the City’s HousingTO 2020-2030 Action Plan.

The project involves combining the City-owned site at 275 Merton St. with an adjacent property, which will be transferred to City ownership and leased back to Collecdev-Markee for 99 years. Construction is projected to commence in late 2025, with the first units expected to be ready for occupancy by mid-2028.

For more details on the HousingTO 2020-2030 Action Plan and specifics of the development, visit the City’s Website or the CreateTO website.