Item - 2025.RA19.5

The Board of Directors of CreateTO:

1. Endorsed the updated business case for 931 Yonge Street, as presented in Confidential Attachment 1 to the report (June 6, 2025) from the Chief Executive Officer, CreateTO, and, subject to further approvals from relevant City Officials, directed the Chief Executive Officer, CreateTO to:

a. release to market 931 Yonge Street, conditional on approval by relevant City authorities; and

b. retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process.

2. Direct that the information in Confidential Attachments 1 and 2 to the report (June 6, 2025) from the Chief Executive Officer, CreateTO, remain confidential in their entirety as they relate to a proposed or pending acquisition or disposition of property belonging to the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and the City.

The Vice President, Development, CreateTO, gave a presentation on 931 Yonge Street - Updated Business Case.

This report recommends the Board of Directors, CreateTO endorse the updated business case in support of a market offering for the city-owned site located at 931 Yonge Street (the “Site”).

At its meeting on May 21 and 22, 2025, City Council adopted Item PH21.4: Toronto Builds: A Policy Framework to Build More Affordable Housing, which authorized advancing a market offering for 931 Yonge Street, 158 Borough Drive and Bloor-Kipling, Block 5, through a business case and market offering process. Endorsement of the business case by the Board of Directors, CreateTO, and senior City leadership is required prior to final approval of the business case and market offering.  The business case was endorsed by the City’s senior leadership team at the Housing Development Executive Committee on May 16, 2025 subject to CreateTO Board approval.

931 Yonge Street is governed by the new Toronto Builds Policy Framework as set out in Item PH21.4. The updated business case meets all the requirements of the Toronto Builds Policy Framework.

The property is located at 931 Yonge Street in Ward 11 (University-Rosedale). It is bounded to the north by Aylmer Avenue, to the south by Baxter Street and by a public lane way to the east. An existing office building currently houses Toronto Community Housing Corporation’s (TCHC) head office. The TCHC offices will be relocated as part of ModernTO, the City’s Workplace Modernization Program. 

The development concept (refer to Attachment 1) consists of a 32-storey tower above a 5-storey base podium. The built form has been designed to maximize the opportunity for new market and affordable housing and includes approximately 250 residential units and a minimum of 100 square meters of non-residential space on the ground level. The current development statistics are outlined in Table 1.

Table 1: Development Statistics

The intent is to bring the Site to market in the third quarter of 2025 through a real estate brokerage service and under the guidance of a fairness monitor, both of which have been secured through the CreateTO procurement process. Following the market offering process, CreateTO will report to the Board of Directors on the development partner selection prior to finalization of legal agreements.