931 Yonge Street - Updated Business Case

Endorsement of the business case by the Board of Directors, CreateTO, and senior City leadership is required prior to final approval of the business case and market offering. The business case was endorsed by the City's senior leadership team at the Housing Development Executive Committee on May 16, 2025 subject to CreateTO Board approval. 931 Yonge Street is governed by the new Toronto Builds Policy Framework as set out in Item PH21.4. The updated business case meets all the requirements of the Toronto Builds Policy Framework. The property is located at 931 Yonge Street in Ward 11 (University-Rosedale). It is bounded to the north by Aylmer Avenue, to the south by Baxter Street and by a public lane way to the east. An existing office building currently houses Toronto Community Housing Corporation's (TCHC) head office. The TCHC offices will be relocated as part of ModernTO, the City's Workplace Modernization Program. The development concept (refer to Attachment 1) consists of a 32-storey tower above a 5-storey base podium. The built form has been designed to maximize the opportunity for new market and affordable housing and includes approximately 250 residential units and a minimum of 100 square meters of non-residential space on the ground level. The current development statistics are outlined in Table 1. Table 1: Development Statistics SITE AREA 835 square meters (0.21 Acres) RESIDENTIAL UNIT COUNT: Total Estimated Unit Count 250 Total Estimated Market Rental Units 175 Minimum Affordable Rental Units 75 BUILT FORM Residential Uses: · 32-storey tower including a 5-storey base podium Non-Residential Uses: · At grade along Aylmer Avenue (minimum 100 square meters) CITY BUILDING FEATURES · Public realm improvements at grade along all frontages of the site The intent is to bring the Site to market in the third quarter of 2025 through a real estate brokerage service and under the guidance of a fairness monitor, both of which have been secured through the CreateTO procurement process. Following the market offering process, CreateTO will report to the Board of Directors on the development partner selection prior to finalization of legal agreements.

2. Direct that the information in Confidential Attachments 1 and 2 remain confidential in its entirety as it relates to a proposed or pending acquisition or disposition of property belonging to the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and the City.