Housing
Bayside Affordable Housing Financial Review
Client:
City of Toronto
Location:
Toronto, On
NBLC Services
Affordable Housing Strategy
Financial Analysis
Market Analysis
Project Description
NBLC was retained by the City of Toronto to act as advisor in negotiations with Hines and Tridel in the development of a unique affordable housing development at Bayside. Part of the site’s redevelopment will include an affordable housing component. To this end, a pilot program was initiated which would see the inclusion of 80 affordable housing units (80% below average market rates) with a 241-unit market condominium building on Toronto’s Waterfront.
NBLC was retained to assist the City in assessing the financial viability of the project, as well as the net benefit to the City, in terms of the impact on affordability from its contributions. This included a detailed market assessment and financial pro forma. NBLC also developed an operating budget to assess the amount of debt a future non-profit operator could support and considered the impact of financial incentives and capital contributions from government.
