1,285 Unit Residential Development Planned in Scarborough

Oxford Properties has secured a $650 million loan through CMHC’s Apartment Construction Loan Program, marking the program’s largest loan to date for a Toronto project. The fixed-rate loan will help fund the construction of Alta, a multi-tower, 1,285-unit purpose-built rental development in Scarborough. With a projected total cost of $750 million, Alta stands as the largest single-phase purpose-built rental (PBR) project currently under construction in the city.

Massive Multi-Tower Project

Alta represents the first phase in Oxford’s broader master-planned redevelopment of the Scarborough Town Centre. The long-term vision spans 89 acres surrounding the shopping mall and will eventually include over three dozen buildings and approximately 10,000 residential units.

Located at 25 Borough Drive, Alta will feature three residential towers rising 35, 41, and 45 storeys on a 3-acre parcel on the mall’s west side. These towers will offer:

• 51 studios

• 693 one-bedroom units

• 411 two-bedroom units

• 130 three-bedroom units

Of the total 1,285 units, 268 will be designated as affordable housing.

Integrated Design and Amenities

The single-phase development will also include:

• 12,000 square feet of ground-floor retail

• A 22,000-square-foot public park

Construction is expected to wrap up by the summer of 2029.

CBC News reports that the towers are being built with a strong emphasis on community integration, combining public amenities and retail access with much-needed residential density in a transit-oriented location.

Construction Workforce and Trade Opportunities

The scale of the Alta project provides significant opportunities for construction professionals and skilled trades. The project will require labor in multiple areas including:

• Excavation and site preparation

• Concrete and structural steel work for the towers

• Mechanical, electrical, and plumbing (MEP) systems installation

• Elevator systems

• Building envelope and cladding

• Interior finishes, including drywall, flooring, cabinetry, and fixtures

• Landscaping and urban park design

Local contractors and subcontractors will play a crucial role in delivering the project within its ambitious timeline, and workforce demand is expected to remain high throughout the five-year construction window.

Government and Municipal Support

The $650 million CMHC loan reflects the federal government’s commitment to accelerating housing construction. Oxford Properties is also receiving support from the City of Toronto through its Rental Housing Supply Program. This initiative provides capital funding and development charge relief to help increase the availability of rental housing.

Deputy Mayor Paul Ainslie, who represents Scarborough-Guildwood, emphasized the need for more rental housing as Scarborough experiences a "transit transformation." The Scarborough subway extension, currently under construction and expected to open in 2030, will significantly increase transit access in the area and further reinforce the strategic importance of developments like Alta.

Context in the Regional Housing Market

Alta’s launch comes at a time when housing starts in Ontario have reached their lowest levels since 2009, according to the province’s financial accountability officer. Scarborough has nonetheless emerged as a key area for high-density, purpose-built rental projects:

• Cando Apartments recently filed for a 1,339-unit development at Sheppard Avenue East and Kennedy Road.

• Choice Properties REIT is advancing a 290-unit project near Warden subway station.

• Hazelview Investments is planning a 590-unit tower at Sheppard Avenue East and Victoria Park Avenue.

Long-Term Impact and Criticism

Oxford Properties is owned by OMERS, the pension plan for Ontario’s municipal employees. While this has raised questions about housing affordability, with some critics arguing that the non-affordable units may be out of reach for average OMERS members, the project still contributes substantially to rental housing supply in a high-demand market.

Carolyn Whitzman, a senior housing researcher at the University of Toronto’s School of Cities, noted that only a portion of the units are designated as affordable. “The rest may be priced beyond what average workers can afford,” she said.

Still, Alta marks a major milestone in efforts to boost rental housing stock and revitalize urban areas with integrated, high-density living spaces.

Conclusion

As construction moves forward, Alta represents not only a transformative development for Scarborough but also a critical opportunity for tradespeople, engineers, and suppliers in the construction sector. With thousands of residential units, retail amenities, and green spaces on the way, this project will shape the future of Toronto’s eastern core for years to come.

DataBid is currently reporting on this project - 300 Borough Drive Scarborough Town Centre Block 2 - Toronto  (0110012723)