Mixed-used development is not commonly found in Toronto, but there is a great need for it post-pandemic amid rising property prices, according to a statement from the University of Toronto’s School of Cities department. To address this issue, the School of Cities has rolled out a three-pronged plan emphasising mixed-use development. It includes a social purpose real estate accelerator to spur development that benefits the community.
“We want to morph this into the norm rather than the exception and bring partners together intentionally, to turn it into a model of creative mixed-uses designed for a social purpose, because that’s what enables growth to drive community benefit,” explained Matti Siemiatycki, director of the School of Cities’ Infrastructure Institute, which is partnering with Toronto’s real estate agency on public property development projects.
Siemiatycki hopes the social purpose mixed-use model will form a significant part of the city’s HousingTO Action Plan to approve 40,000 new affordable rental homes by 2030, according to the statement. He said: “This is essentially about re-envisioning how we build a city. A school doesn't have to be a two-storey building with nothing above it.”
He continued to explain that there are real opportunities through buildings like these – so-called social purpose real estate – for organisations to leverage their assets as well as create affordable places for people to live. The School of Cities is already working on a design of a fire station with housing above it.
The city-building plan was compiled with support of a 1.5 million USD gift from an unnamed donor.
