Updated Business Case for 158 Borough Drive

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The decision

2025-01-30 · CreateTO · amended

As filed

The Board of Directors of CreateTO: 1. Endorsed the updated business case for 158 Borough Drive, as presented in Confidential Attachment 1 to the report (January 16, 2025) from the Chief Executive Officer, CreateTO and, subject to further approvals from relevant City officials, directed the Chief Executive Officer, CreateTO to: a. release to market 158 Borough Drive, conditional on approval by relevant City authorities; and 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. Authorized the public release of the information in Confidential Attachments 1 and 2 to the report (January 16, 2025) from the Chief Executive Officer, CreateTO following the expiry of the lease with the successful proponent, and at the discretion of the Chief Executive Officer, CreateTO.

On the agenda

As the city filed it

This report recommends the CreateTO Board of Directors endorse the updated business case in support of a market offering for the site located at 158 Borough Drive. A business case for this site was previously considered and approved at the April 12, 2022 meeting of the Board of Directors. However, due to unprecedented cost escalations and cost uncertainty in the real estate market at that time, a market offering for the 1.57-acre site was not issued.

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Since that time, CreateTO staff have worked closely with their partners in the Housing Secretariat to revisit the business case for the property to ensure it was appropriately structured and funded to address new Council priorities and direction. This includes direction received via the Generational Transformation of Toronto's Housing System Report (2023.EX9.3) , and Launching the Rental Housing Supply Program (2024.PH13.8) . The final development concept for the property remains unchanged. It includes 27 and 42-storey towers above a 6-storey base podium which can achieve approximately 687 residential units over 548,830 square feet of residential GFA, including 229 affordable rental units. The proposal includes the potential for a 62-child daycare facility or other community use of approximately 8,500 square feet on the ground level, subject to City funding. The intent is to bring this site to market in the first quarter of 2025 through a real estate brokerage. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection prior to finalization of legal agreements.

Staff recommended

The Chief Executive Officer, CreateTO, recommends that the Board of Directors of CreateTO: 1. Endorse the updated business case for 158 Borough Drive, as presented in Confidential Attachment 1 to the report (January 16, 2025), and, subject to further approvals from relevant City officials, direct the Chief Executive Officer, CreateTO to: a. release to market 158 Borough Drive, conditional on approval by relevant City authorities; and 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 to the report, (January 16, 2025), 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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