What is Destination Golden Mile?
Destination Golden Mile aims to deliver new affordable housing, create models for affordable rental and ownership, and improve existing units for livability and energy efficiency. A Steering Committee of senior representatives from CMHC, WoodGreen, Kilmer Group, BMO, BentallGreenOak and the City of Toronto is overseeing the following streams of work:
- Local Asset Innovation: Grow affordable housing supply and diversity by harnessing local assets in the community, strengths of community and non-profit organizations, as well as government-owned land.
- Financial Instruments: Test new ways to finance and fund the development and community ownership of affordable, suitable, and diverse units in the Greater Golden Mile.
- Retrofits and Affordability: Develop and test new funding models to retrofit private affordable housing, especially legacy towers, while maintaining affordability
A Focus on Housing Affordability in the Golden Mile
The Golden Mile is set to become one of the largest mixed-used redevelopments to be built in Toronto with over 35,000 proposed residential units spread out across over 75 high and mid-rise buildings.
With three transit lines in the vicinity of the Greater Golden Mile under construction, the area will be well connected to the GTA and an ideal location to prioritize affordable housing options for current and future residents. Many newcomers are drawn to the Golden Mile and surrounding neighbourhoods for its relative housing affordability and community networks, both of which will be impacted by large-scale redevelopments.
Destination Golden Mile Partners
BMO Financial Group
Canada Mortgage and Housing Corporation (CMHC)
McKinsey & Company
WoodGreen Community Services