Dream Impact Trust and Dream Impact Fund have acquired full ownership of the first phase of the multi-family component at the Quayside mixed-use project on the downtown Toronto waterfront.

The project is slated to deliver almost 1,200 rental-apartment units at the large-scale development.

“Collectively, the trust and Dream Impact Fund now own 100% of the phase 1 multi-family portfolio on a 25%-75% basis,” said Michael Cooper, the portfolio’s manager. “Upon completion, Phase 1 is expected to comprise 1,100 multi-family rental units, as well as approximately 550 affordable units to be developed in partnership with Waterfront Toronto and the City of Toronto.”

This month, a reorganization of the Quayside partnership was completed and site’s ownership was split between development partner Great Gulf and Dream, whereby the trust and fund acquired Phase 1 of the multi-family component..

Dream Impact Trust is in the process of securing long-term government-affiliated funding for the project, as the trust has done with its 49 Ontario Street project, which is also slated to deliver about 1,200 multi-family units.

Dream announced previously that it had obtained conditional approval to support Phase 1 of the Quayside multi-family component.

Both Quayside and 49 Ontario are part of a broader partnership between the city and the federal government to increase affordable and purpose-built rental housing in the city.

Further updates on both projects are anticipated in May.

Pictured: Future Quayside development in downtown Toronto.

Rendering: Waterfronto Toronto