Residents push back against luxury condo building coming to Toronto neighbourhood

A 21-storey complex proposed for 1304-1318 King Street and 143-145 Cowan Avenue has unsurprisingly not been well-received by the people of Parkdale, namely because of its apparent"luxury" status, with zero affordable units out of a total of 263.against the project, writing that its high price point will inevitably force the relocation of existing community members and only serve to deteriorate what makes Parkdale unique in this city.

They go on to demand, per the Parkdale Community Benefits Framework, that at least 30 per cent of all new units coming to the area be affordable, adequate and accessible. The appeal also adds that KingSett Capital is, above all,"an Equity Investment Corporation that manages $18 billion by purchasing potential affordable housing stock and turning it into profit. Their priority is return on investment for shareholders, exacerbating the housing crisis in Toronto."

With 550 signatures at the time of publication, the petition is set to be shared with local members of government and KingSett executives in the coming weeks.in April, with the director of community planning for Toronto and East York writing that"the proposed development is not consistent with the Provincial Policy Statement, and does not conform with A Place to Grow: Growth Plan for the Greater Golden Horseshoe or the City's Official Plan.

"The request has not demonstrated that a tall building can be accommodated on the site in a manner that is appropriate within the existing and planned context, nor has it demonstrated that certain provisions of the Toronto Green Standards could be achieved.

Source: Real Estate Daily Report (realestatedailyreport.net)

1318 King Street 143 145 Cowan Avenue Toronto New Condo Building Construction For Sale Rent Parksale Kingsett Capital

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