Dream Impact Trust has secured financing for a planned downtown Toronto redevelopment project that will deliver more than 1,200 multi-family rental units.

The 49 Ontario Street site is located near a future Ontario Line transit stop, and the City of Toronto waived development charges for the project in December 2024. With the construction loan in place, the trust is moving closer to launching the development.

In addition, Dream has obtained conditional approval for financing to support about another 1,200 multi-family rental units at the Quayside project located on the downtown Toronto waterfront.

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

Dream said further updates on the projects will be included in the trust’s quarterly results, set for release in early May.

Pictured: Dream Impact’s future multi-family project at 49 Ontario Street in downtown Toronto.

Rendering: Dream Impact Trust