Residents push back against luxury condo building coming to Toronto neighbourhood

Locals in a pocket of Toronto known as one of the final bastions against the gentrifying forces of shiny new condo towers and real estate flippers are fighting against a new development that they think poses a complete affront to the neighbourhood.

A 21-storey complex proposed for 1304-1318 King Street and 143-145 Cowan Avenue has unsurprisingly not been well-received by the people of Parkdale, namely because of its apparent "luxury" status, with zero affordable units out of a total of 263.

As developer KingSett Capital moves forward with plans for the site, residents have now launched a petition against the project, writing that its high price point will inevitably force the relocation of existing community members and only serve to deteriorate what makes Parkdale unique in this city.

Did anybody really think the gentrification of Queen St West would stop at Dufferin?

— Billyjakk 🇨🇦 (@Billyjakk65) September 10, 2020

"Parkdale is home to some of the last affordable rental units in Toronto, as so many others have already been pushed out of their communities amid a housing crisis that gets worse every day," those behind the change.org page launched at the end of April write.

They go on to demand, per the Parkdale Community Benefits Framework, that at least 30 per cent of all new units coming to the area be affordable, adequate and accessible.

The appeal also adds that KingSett Capital (and companies like it) is, above all, "an Equity Investment Corporation that manages $18 billion by purchasing potential affordable housing stock and turning it into profit. Their priority is return on investment for shareholders, exacerbating the housing crisis in Toronto."

With 550 signatures at the time of publication, the petition is set to be shared with local members of government and KingSett executives in the coming weeks.

Stop The Luxury Condo Development at King & Cowan! - Sign the Petition! https://t.co/SnUIl7tnLV via @CdnChange

— Sid (Kim) Jackson (@kimjackson_sid) May 7, 2024

The tower was also recommended for refusal in April, with the director of community planning for Toronto and East York writing that "the proposed development is not consistent with the Provincial Policy Statement, and does not conform with A Place to Grow: Growth Plan for the Greater Golden Horseshoe or the City's Official Plan."

"The request has not demonstrated that a tall building can be accommodated on the site in a manner that is appropriate within the existing and planned context, nor has it demonstrated that certain provisions of the Toronto Green Standards could be achieved."

Toronto neighbourhoods have found new way to keep homes and businesses affordable https://t.co/EPLkkupwTl

— blogTO (@blogTO) May 6, 2024

As it is currently planned, the property would offer a mix of 49 per cent studio, 17 per cent one-bedroom, 24 per cent two-bedroom, and 10 per cent three-bedroom homes, which would include eight units to replace the eight rentals currently on the site. There would also be a total of 213 square metres of retail at ground level.

On the site presently are a three-story vacant and two-storey mixed-use building housing businesses such as Pharmacy Bar and Happy Coffee and Wine.