Housing Now Business Case for 405 Sherbourne Street

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The decision

2021-05-11 · CreateTO · adopted

As filed

The Board of Directors of CreateTO: 1. Endorsed the business case for 405 Sherbourne Street as presented in Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Development, CreateTO, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a.

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Release to market 405 Sherbourne Street in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b. Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; 2. Authorized the public release of the information in Confidential Attachments 1 and 2 to the report (April 27, 2021) from the Vice President, Development, CreateTO following the completion of the transactions contemplated in the business case and at the discretion of the Chief Executive Officer, CreateTO.

On the agenda

As the city filed it

This report recommends that the CreateTO Board of Directors endorse the business case and market offering for the Phase 2 Housing Now site located at 405 Sherbourne Street. This 0.73 acre site is currently an existing Toronto Parking Authority surface parking lot, located on the east side of Sherbourne Street between Carlton Street and Bloor Street. It is in close proximity to the Line 2 (Sherbourne Station) and the 506 Carlton Streetcar.

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The site is located within the Cabbagetown Northwest Heritage Conservation District. CreateTO staff retained a consultant team to prepare a development concept for this site in order to advance the City initiated rezoning and market offering process. CreateTO staff worked with City staff including City Planning, the Housing Secretariat's office, the local Councillor, the local community in order to gain consensus on a development for the rezoning. The final development concept includes a 25-storey building with a total of 266 residential units and 1800 square feet of community use space on the ground floor. The built form has been designed to maximize the opportunity for new affordable rental on the site, while meeting the policies of the Heritage Conservation District through the design of the podium. The concept optimizes the dimensions of the site to provide a through-block connection for pedestrians and vehicles to contribute to the public realm and circulation around the site. The intent is to bring this site to market in July of 2021 to the non-profit housing community through the Housing Secretariat. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection, prior to the Housing Secretariat finalizing legal agreements.

Staff recommended

The Vice President, Development, CreateTO recommends that the Board of Directors of CreateTO: 1. Endorse the business case for 405 Sherbourne Street as presented in Confidential Attachment 1, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a. Release to market 405 Sherbourne Street in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b.

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Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; 2. Authorize the public release of the information in Confidential Attachments 1 and 2 following the completion of the transactions contemplated in the business case and at the discretion of the Chief Executive Officer, CreateTO.

On the record

The item as the City filed it

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