Kingsett Capital has commenced construction on a large Toronto mixed-use development that includes affordable housing.

Valhalla Village is located at Bloor Street and the East Mall. Plans call for the construction of 172 affordable housing units among 494 total suites across two towers in the first phase of a development that will eventually contain hundreds of homes.

“The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community,” said Jeff Thomas, head of Toronto-based Kingsett’s development group, in a news release.

According to a City of Toronto news release, Valhalla Village will contain a total of 1,135 homes, including 963 market units altogether. It will be the KingSett Affordable Housing Fund’s first ground-up, purpose-built housing development, said the company.

Kingsett secured $235.9 million in fully repayable low-interest loans through the federal government’s Apartment Construction Loan program. Toronto city council approved about $9.87 million in financial incentives, including property tax and development-charge exemptions and permit-fee waivers, through the city’s Open Door program.

BDP Quadrangle is the development’s lead architect, while Reliance Construction will co-ordinate construction, and Purpose Building provided sustainable building services.

Image: BDP Quadrangle