Housing Now Business Case for 158 Borough Drive

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The decision

2022-04-12 · CreateTO · adopted

As filed

The Board of Directors of CreateTO: 1. Endorsed the business case for 158 Borough Drive as presented in Confidential Attachment 1 to the report (March 30, 2022) from the Chief Executive Officer, CreateTO, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Deputy City Manager, Community and Social Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct the Chief Executive Officer, CreateTO to: a.

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Release to market 158 Borough Drive, 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. Adopted the Confidential Instructions to Staff in Confidential Attachment 1 to the report (March 30, 2022) from the Chief Executive Officer, CreateTO. 3. Authorized the public release of the information in Confidential Attachments 1 and 2 to the report (March 30, 2022) from the Chief Executive Officer, CreateTO at the conclusion of the Housing Now program, 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 158 Borough Drive. This 1.57 acre site is an underutilized property which is currently improved with a structured parking facility serving the Scarborough Civic Centre. The site is located on the north side of Borough Drive, immediately southeast of the Scarborough Civic Centre and Public Health Annex.

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The site is within walking distance of the future Scarborough Centre subway station, which includes the proposed Durham-Scarborough Bus Rapid Transit Terminal. CreateTO staff retained a consulting team to prepare the requisite due diligence work, including 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, the local Councillor, and the local community in order to bring forward the development concept appended to this report. The final development concept includes a 27 and 42-storey building above a 6-storey base podium which can achieve approximately 687 residential units and a 62-child daycare facility of approximately 8,500 square feet on the ground level. The built form has been designed to maximize the opportunity for new market and affordable housing on the site. The concept animates the site and enhances the public realm, allowing for new pedestrian connections from Borough Drive and Town Centre Court to Albert Campbell Square and the broader Civic Centre precinct. The intent is to bring this site to market in 2022 to the development community through a real estate brokerage. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection, and prior to finalization of legal agreements.

Staff recommended

The Chief Executive Officer recommends that the Board of Directors: 1. Endorse the business case for 158 Borough Drive as presented in Confidential Attachment 1, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Deputy City Manager, Community and Social Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct the Chief Executive Officer, CreateTO to: a.

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Release to market 158 Borough Drive, 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. Adopt the Confidential Instructions to Staff in Confidential Attachment 1; 3. Authorize the public release of the information in Confidential Attachments 1 and 2 at the conclusion of the Housing Now program, and at the discretion of the Chief Executive Officer, CreateTO.

On the record

The item as the City filed it

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