The announcement closely follows the release of the City’s latest housing report, which includes recommendations for ‘transforming’ Toronto’s housing system and bringing more affordable stock to market.on Monday that the City will receive federal funding to create 43 new deeply affordable and supportive homes, marking the third phase of the Rapid Housing Initiative.
Within that report, there are numerous calls to the provincial and federal governments to step up their involvement in housing creation in Toronto. This includes a request for the federal government to invest in future phases of the Rapid Housing Initiative. An amended zoning application seeks to increase the heights of two of the Pinnacle One Yonge towers to 105 and 92 storeys.Multiple senior staff members at the embattled real estate developer have left Coromandel Properties in recent months, most recently COO Raymond Louie, the former Vancouver City Councillor.Pending the City’s go-ahead, the development would bring 365 new residential units to the area, including 33 replacement rental units.
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