.
FOR IMMEDIATE RELEASE
Tuesday, October 30, 2007
ARTSCAPE HELPS BROKER TRIPLE-WIN DEAL IN QUEEN WEST
TRIANGLE
TORONTO -- An innovative partnership has been forged in
the Queen West Triangle between Artscape, the City of
Toronto, Westside Lofts(Urbancorp) and Active 18 that will
see the creation of a 56,000 square feet artist live/work
project within the Westside Lofts development at
150 Sudbury Street.
The development of affordable artist live/work units
within a condominium complex is a first for Toronto. The
deal also represents a new
self-financing model for affordable housing development
that requires only a nominal public investment.
"Developers, community activists, and the City have a
strong shared interested in making the Triangle as
creative and dynamic as possible"
said Artscape President and CEO, Tim Jones. "There is no
reason why this model cannot be replicated across the city
to address the decades-
old problem of the displacement of artists through
gentrification."
The value of the project has been independently appraised
at $19 million. Artscape will purchase the units for $8.4
million, a price that
includes the cost of construction but not architectural
and other soft costs, land value contributed by the City
in the form of free
density, or profit.
Artscape plans to create up to 70 affordable ownership and
rental units. Monthly rent for a one bedroom rental unit
is targeted at $725 or
roughly 80% of Canadian Mortgage and Housing Corporations
average market rent for Toronto. Unit sizes and mix will
be determined after
consultation with potential purchasers and renters.
Construction on the project will begin in January 2008
with completion projected for
early 2010.
Celebrating its 20th Anniversary this year, Artscape is a
not-for-profit enterprise engaged in culture-led
regeneration. Its work includes
anchoring creative communities within affordable spaces
and building authentic and dynamic places by connecting
creative and cultural
resources. Artscape has played a catalytic role in the
regeneration of some of Torontos most important creative
communities including: The
Distillery Historic District, Queen Street West, Liberty
Village and Toronto Island. www.torontoartscape.on.ca
- 30 -
Press contact:
Liz Kohn
Director of Communications, Artscape
T: 416-392-1038, ext. 25
E: [EMAIL PROTECTED]
--
If you would like to change your contact preferences please visit this page:
http://www.bettermail.ca/p/143/45388/2562542bbc66eeb984e87ee7792fe290
_______________________________________________
nettime-ann mailing list
nettime-ann@nettime.org
http://www.nettime.org/cgi-bin/mailman/listinfo/nettime-ann
