180 Sudbury Street

Affordable and Supportive Housing

Background

Partnership: 180 Sudbury St. is being developed as a partnership between St. Clare's and Verdiroc.
St. Clare's: St. Clare's Multifaith Housing Society is one of Toronto's most effective non-profit housing developers. St. Clare's uses private sector business strategies to achieve social goals. Taking a common sense approach to housing development has enabled St. Clare's to develop affordable housing in a timely and cost-effective manner. In 2003, the TD Bank recognized St. Clare's as being "... [the] model for the new approach to building social housing ..."
Verdiroc: Verdiroc is one of Toronto's largest and most respected developers, with extensive experience developing commercial and residential properties. Verdiroc will build 180 Sudbury St. on a turn-key basis, designing and building the project for a fixed price.

Project Description

Location: 180 Sudbury St. is located in the Arts and Fashion District, two block west of Dovercourt Road and just south of Queen Street. The building's best known neighbours are the Drake and Gladstone Hotels. St. Clare's affordable housing project is one of several proposed developments for the brownfield sites south of Queen Street. Over 1,500 units are being built in this area. 180 Sudbury St. is the only affordable rental project in this new community.
Proposed Project: 180 Sudbury St. is an 18 storey building with 190 units. Almost half the units will be two, three and four bedroom apartments; providing affordable family housing in an area that is being rapidly gentrified.
180 Sudbury St. will be a mixed-income community. 25 % of the tenants will pay a rent geared-to-their-income. The remaining tenants will pay the CMHC average market rent.
Artists' Live/Work: To support the vibrant arts community that exists in the neighbourhood, 27 units on the lowest three floors will be Artist's live/work studios. These units will be rented to professional artists. The live/work units will have 12 foot ceilings, and are being built without interior partitions to provide studio space for artists.
Timing: Construction Start: September 2009
Completion: February 2011

Tenant Support

Tenant Support Co-ordinator: Family Service Association will provide a part-time tenant support coordinator for the building, who will provide tenant liaison, organize programming for the common areas, and ensure the tenants receive appropriate support.

Funding

Capital Costs

Land: 4,000,000
Construction Contract: 34,695,629
St. Clare's Soft Costs & interest: 1,427,424

Total Costs: $41,123,053

Funding

Affordable Housing Program: 13,300,000
City of Toronto Grant: 1,500,000
First Mortgage Financing: 23,265,000
Other Grants and Rebates: 1,437,389
St. Clare's Equity Contribution: 620,664