Minto Group completes 225-suite mixed-income rental community at 610 Martin Grove
Minto Group announces the completion of 610 Martin Grove, a new 20-storey rental community located at Martin Grove Road and Eglinton Avenue West in Toronto. The building brings 225 much-needed rental suites to the Etobicoke market, comprised of 125 market-rate suites and 100 affordable rental suites.
This development is the result of a coordinated effort between Minto Group, the City of Toronto and the Canada Mortgage and Housing Corporation (CMHC). Building purpose-built rental housing in the current economic environment requires creative financial structures. By participating in the City of Toronto’s Open Door program, 610 Martin Grove received a forgivable loan along with exemptions for property taxes, development charges, building permit fees and parkland levies for the affordable units.
To further support the project, Minto secured below-market construction financing through the CMHC Rental Construction Financing Initiative (RCFI) at a rate of 2.39 per cent.
These combined measures allowed Minto to designate nearly half of the building as affordable housing. The 100 affordable suites are priced at 100 per cent of the CMHC average market rent, meeting the strict definitions of the Open Door program and providing immediate relief to Torontonians seeking accessible housing options.
"We are proud to open the doors at 610 Martin Grove and welcome 225 new individuals and families to this community," says Michelle Calloway, SVP of Operations at Minto Group. "This building is a clear example of what we can achieve when the private and public sectors work together. The support from the City of Toronto and CMHC gave us the financial foundation to deliver 100 affordable suites right where they are needed most."
The completion of 610 Martin Grove adds to Minto’s extensive portfolio of residential properties across Canada and reinforces the company's commitment to building mixed-income communities that support long-term urban growth.
About Minto Group
Minto is one of the premier real estate firms in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With nearly 1,300 employees in Canada and the United States, the company’s expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada’s Best Managed Companies.
Contact information:
Tamara Costa
Senior Director, Corporate Brand, Marketing and Communications
tcosta@minto.com
This development is the result of a coordinated effort between Minto Group, the City of Toronto and the Canada Mortgage and Housing Corporation (CMHC). Building purpose-built rental housing in the current economic environment requires creative financial structures. By participating in the City of Toronto’s Open Door program, 610 Martin Grove received a forgivable loan along with exemptions for property taxes, development charges, building permit fees and parkland levies for the affordable units.
To further support the project, Minto secured below-market construction financing through the CMHC Rental Construction Financing Initiative (RCFI) at a rate of 2.39 per cent.
These combined measures allowed Minto to designate nearly half of the building as affordable housing. The 100 affordable suites are priced at 100 per cent of the CMHC average market rent, meeting the strict definitions of the Open Door program and providing immediate relief to Torontonians seeking accessible housing options.
“Every Torontonian deserves a safe, affordable place to call home close to transit, jobs and the services they rely on. Through the City’s Open Door Program, we invested a value of approximately $8.8 million to help deliver 100 new affordable rental homes at 610 Martin Grove. With affordable one- and two-bedroom apartments, this project reflects the City’s commitment to making housing more attainable for Toronto families,” said Mayor Olivia Chow.
"We are proud to open the doors at 610 Martin Grove and welcome 225 new individuals and families to this community," says Michelle Calloway, SVP of Operations at Minto Group. "This building is a clear example of what we can achieve when the private and public sectors work together. The support from the City of Toronto and CMHC gave us the financial foundation to deliver 100 affordable suites right where they are needed most."
The completion of 610 Martin Grove adds to Minto’s extensive portfolio of residential properties across Canada and reinforces the company's commitment to building mixed-income communities that support long-term urban growth.
About Minto Group
Minto is one of the premier real estate firms in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With nearly 1,300 employees in Canada and the United States, the company’s expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada’s Best Managed Companies.
Contact information:
Tamara Costa
Senior Director, Corporate Brand, Marketing and Communications
tcosta@minto.com