Oxford Properties Group has commenced construction on a C$750m ($547m) rental housing project in Scarborough, Canada, marking the area’s first major purpose-built development in several decades.
The project, named Alta, is set on a 3.4-acre site adjacent to Oxford’s Scarborough Town Centre shopping centre.
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Expected to be completed by mid-2029, the Alta project will feature 1,285 rental units, including 268 affordable units.
According to Oxford, this initiative aims to address Scarborough’s longstanding housing shortage by providing diverse housing options. Oxford is the global real-estate division of Ontario Municipal Employees Retirement System, a Canadian public pension plan.
The Canada Mortgage and Housing Corporation (CMHC) is supporting the project by granting Oxford a C$650m loan through its Apartment Construction Loan Program.
This represents the largest single loan approved by CMHC in Toronto, enabling Oxford to expedite its development plans and contribute significantly to alleviating the city’s housing crisis.
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By GlobalDataOxford executive chair Daniel Fournier said: “Breaking ground on this development is a true milestone for Oxford as we look to use our proven development expertise to deliver much-needed housing solutions for the people of Scarborough, while sustainably intensifying transit-connected land to create mixed-use communities of the future.
“This generational project signifies a model we hope to replicate across Canada in the years to come, and with CMHC as a funding partner, we’re confident it will serve as a prime example of the power of public-private partnerships to work together to address the housing challenges in Canada’s largest cities.”
Alta will comprise three residential towers built on two seven-storey podiums, incorporating both residential and retail space.
The development will offer a variety of unit types, including studios, one-bedroom, two-bedroom, and three-bedroom apartments, alongside 23 townhomes. Its location is near the Scarborough Centre Toronto Transit Commission station and the forthcoming Scarborough Subway Extension.
Designed with community and environmental considerations in mind, the project includes features such as co-working spaces, outdoor lounge areas, a children’s playroom, fitness facilities, and a new public park.
A geothermal heating and cooling system is planned to reduce energy consumption by 55% and greenhouse gas emissions by 74%.
Alta is the inaugural development within Oxford’s master plan for the Scarborough Town Centre area. The long-term vision outlines over 10,000 residential units across 89 acres to transform Scarborough into a thriving urban centre while leveraging new transit infrastructure.
This rental housing project is among Oxford’s recent investment activities in Canada, totalling nearly C$2bn within six weeks. These include acquiring a Western Canada office portfolio and redeveloping office towers at Canada Square in Toronto.
