Updated Business Case for Bloor-Kipling (Six Points), Block 5 (970 Kipling Ave)

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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 970 Kipling Avenue, 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 970 Kipling Avenue, 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 Bloor-Kipling (Six Points) Block 5 site located at 970 Kipling Avenue ("970 Kipling Avenue"). A business case for this site was previously considered and approved at the June 3, 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 1.61-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 to Urgently Build More Affordable Homes Report' (2023.EX9.3) and 'Launching the Rental Housing Supply Program Report' (2024.PH13.8) . The final development concept for the property remains unchanged. It includes a 28- storey tower at the corner of Dundas Street West and Beamish Drive and a 12-storey building at the corner of Kipling Avenue and Dundas Street West. The buildings are connected by a base building ranging in height from 8-11 storeys, which can achieve approximately 586 residential units, including approximately 195 affordable rental units. The proposal includes approximately 37,800 sq.ft. of non-residential uses, including retail and commercial uses fronting Kipling Avenue and Dundas Street West. This proposal will also include city-building features, such as the use of district energy and the addition of a new linear park (Dundas Street West Park) located along the western frontage of the site. The intent is to bring this site to market in the first quarter of 2025 through real estate brokerage services. Following the market offering process, CreateTO staff will report to the CreateTO Board on the development partner 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 970 Kipling Avenue, as presented in Confidential Attachment 1, and, subject to further approvals from relevant City officials, direct the Chief Executive Officer, CreateTO to: a. release to market 970 Kipling Avenue, conditional on approval by relevant City authorities; and b. retain the services of a fairness monitor to oversee and ensure an open, fair, and transparent market offering process.

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2. 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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