TORONTO, Aug. 04, 2022 (GLOBE NEWSWIRE) — Marlin Spring is pleased to announce zoning approval for two development projects in Toronto that will provide more than 90 affordable rental homes, in partnership with Community Affordable Housing Solutions (CAHS), which is a federally incorporated non profit land trust that was set up in 2020 by Habitat for Humanity GTA, St. Clares and Co-op Housing Federation of Canada.
City Council approved a Marlin Spring proposal to develop and construct a 26-storey condominium building at 316-336 Campbell Road in Toronto in the Junction Triangle neighbourhood. The building will contain approximately 315 residential units, of which 21 will be affordable rental co-ops as well as an additional 9 rental replacement units.
City Council also approved plans to develop and construct a multi-tower condominium development at 1978-2002 Lake Shore Blvd. West in Toronto, which was purchased from CreateTO. The 36 and 20-storey buildings will sit on top of a 5-storey podium and will provide 600+ homes, including 61 affordable rental units.
“We are thrilled to be working with Habitat for Humanity and its partners to secure over 90 affordable housing units which will be owned and operated by the CAHS land trust for a term of 99 years,” said Pedro Lopes, Sr. Vice President, Land Development & Acquisitions. “It has always been important to Marlin Spring to be legitimate community partners and to continue to close the supply-demand housing gap in neighbourhoods that are close to transit and numerous amenities.”
“This achievement is a prime example of how partnerships involving the City, local residents, the non-profit sector and the development industry can collaborate creatively to deliver mixed-used communities that successfully incorporate market and affordable housing,” said Benjamin Bakst, CEO and Cofounder, Marlin Spring. “The Marlin Spring development team have worked tirelessly and successfully to achieve this stellar accomplishment which exemplifies Marlin Spring’s mission of delivering exceptional real estate value to all its stakeholders with an uncompromising adherence to its core values.”
ABOUT MARLIN SPRING
Marlin Spring is a Toronto-based real estate investment firm. Since its inception, Marlin Spring has experienced substantial growth having acquired over 45 projects, consisting of over 14,000 units in various stages of development, construction, repositioning and completion across Canada and the United States. With projects representing more than 13 million square feet of GFA and a value of over $7 billion upon completion, Marlin Spring has been one of the more active investors in the Development, Multi-Family Residential and Retirement Community sectors. The team at Marlin Spring and its portfolio companies consist of over 600 professionals involved in all aspects of acquisition, development, construction and asset management. Marlin Spring is deeply committed to its mission of delivering exceptional real estate value to all its stakeholders with an uncompromising adherence to its core values.
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