The City of Toronto has announced the start of construction on a purpose-built rental development in the city’s west end.

Thew project at 72 Perth Avenue in Davenport is being built by development partners Castlepoint Numa and Hazelview. The building will feature 255 purpose-built rental homes, including 51 affordable rental homes.

The project is expected to be completed by the end of 2028.

The development is supported by the city’s Rental Housing Supply Program, which helps accelerate new rental construction by providing financial incentives and grants to create purpose-built rental housing.

“Projects like this help the people who work in this city afford to live in this city,” said mayor Olivia Chow. “Nurses, teachers, transit workers, artists, small business employees and families who keep Toronto moving should be able to build their lives here.”

The city has committed approximately $16.5 million in capital funding and financial incentives for the property, including an indefinite deferral of all development charges, a 15-percent property tax reduction for the purpose-built rental homes, and waiving planning fees and building permit fees for the affordable rental homes.

The project is part of the city’s broader work to deliver new rental homes and support the home-building industry. The city currently supports more than 44 projects under construction, which will deliver more than 11,000 new homes when complete, including more than 6,200 rent-controlled and affordable homes.

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