The City of Toronto, Toronto Community Housing and the federal government have announced the start of construction on more than 271 affordable homes in the city

The 26-storey tower, located at the southeast corner of Gerrard Street East and Dreamers Way, will include a mix of replacement and net-new affordable homes, with a focus on family-sized units.

Built by Toronto Community Housing and development partner Tridel, the building will include 136 replacement rent-geared-to-income (RGI) homes and 135 net-new affordable rental homes, as well as new indoor and outdoor community spaces.

Tenant occupancy is anticipated in 2029.

The project is made possible by more than $219 million combined capital investment from various levels of government, including $50.7 million from the City of Toronto, $86 million from the Government of Canada, and $82.5 million from Toronto Community Housing Corporation.

“The City of Toronto is building more affordable housing and strengthening communities across our city,” said Mayor Olivia Chow. “With investments of over $100 million from the City of Toronto and Toronto Community Housing, along with funding from the Government of Canada and support from the Province of Ontario, we are breaking ground on 271 affordable homes in Regent Park. This project delivers much-needed family-sized units and critical replacement housing.”

The new build is part marks the next phase of Toronto’s Regent Park Revitalization. The overall vision for the work calls for transforming approximately 69 acres in Toronto’s downtown east into a mixed-income, mixed-use community, with RGI and affordable housing, community facilities and green space.

Already, the first three phases of the project have led to the creation of more than 6,000 homes. Phases 4 and 5 have the potential to deliver more than 3,400 new affordable and replacement rental homes if fully funded.

The city says the continued partnership among all three orders of government remains critical to build the housing residents need.