Photo by Steve Russell / Toronto Star
The site has been the target of sustained pressure from advocates to turn 214-230 Sherbourne Street into affordable housing, stretching back to before my election under the previous Councillor Wong-Tam. They made multiple attempts to acquire this property, with our City staff exploring various avenues including expropriation. Unfortunately, these efforts were not successful, and in 2022, KingSett Capital outbid the City to secure ownership of the property.
In the spring of 2023, KingSett approached my office, offering to sell the property back to the City. I promptly connected them with City Staff from CreateTO, Corporate Real Estate Management and the Housing Secretariat, in a collective effort to evaluate all possible acquisition options, including expropriation.
City staff, following a comprehensive evaluation, tabled an offer to KingSett that was consistent with their analysis of the land's value. Sadly, this proposal did not meet KingSett's asking price. While I would still love to acquire the properties to help spur the revitalization of the Sherbourne corridor, especially the Dan Harrison complex, the City’s finances remain under significant pressure. We must ensure that we maximize the limited dollars we have to secure affordable housing by practicing fiscal prudence. In this case, the City and KingSett remain just too far apart. However, I continue to keep the door open with KingSett and will continue to advocate for significant affordable housing to be built at 214-230 Sherbourne Street.
It is my understanding that KingSett is going to continue to pursue rezoning the properties. I do not know if they will ultimately build on the site, but am expecting City staff to report back in the fall to Toronto and East York Community Council.
Rest assured that Mayor Chow and I are committed to utilizing all our available resources to acquire properties that can be developed into affordable and rent-geared-to-income housing. To those who have and continue to advocate for this site to be redeveloped as affordable housing, I thank you once again for your relentless commitment to this cause and for your continued support. We are in this together, and I look forward to our ongoing collaboration.
Yours in Service,
Chris Moise
City Councillor
Ward 13 - Toronto Centre
