Kennedy Green Breaks Ground on 612 New Co-Op Homes in Scarborough
AI Article Summary
A groundbreaking ceremony has commenced the construction of Kennedy Green, a cooperative housing project in Scarborough that will provide 612 rent-controlled homes. Situated opposite the Kennedy GO and TTC station, this development is part of Toronto's initiative to utilize publicly owned sites for new housing. The project, backed by $289 million in federal funding, aims to deliver 919 homes across three towers, with affordable and market-rate co-op units. Construction of the phase one co-op towers is set for completion in 2029.
What This Means for Canadian Contractors
This project shows how leveraging city-owned land can expedite housing developments, illustrating an effective public-private partnership model. For Canadian builders, this means increased opportunities in constructing affordable and mixed-use housing projects with streamlined approval processes. Furthermore, it highlights the importance of federal funding in supporting large-scale co-op housing projects, something that could influence future funding allocations.
