Dream Unlimited, CentreCourt to develop 49 Ontario St.

Executive Summary

• Dream Unlimited Corp. and CentreCourt Developments have formed a new joint venture to co-develop 49 Ontario St., a mixed-income purpose-built rental community in downtown Toronto.
• The project is a significant 800,000-square-foot multifamily development featuring 1,226 units, with 22% designated as affordable housing, addressing urgent housing needs in the city's core.
• The partnership leverages CentreCourt’s construction and financing expertise alongside Dream’s experience in public-private partnerships and rental development, with plans to pursue additional rental opportunities in alignment with government housing policies.

Key Details

• Joint Venture Structure: Dream Unlimited Corp. and CentreCourt Developments are partnering to co-develop the 49 Ontario St. site.
• Project Specifications:
  • Location: Downtown Toronto.
  • Size: 800,000-square-foot multifamily project.
  • Unit Count: 1,226 multifamily units upon completion.
  • Affordable Housing Component: 22% of units designated as affordable housing.
• Financing and Regulatory Status:
  • Dream Impact Trust (current owner of the site) secured up to $647.6 million in government-affiliated financing earlier this year.
  • Development charge waivers were obtained from the City of Toronto.
• Partner Track Records:
  • CentreCourt: Delivered 19 projects totaling over 10,000 homes and $5.6 billion in development value; known for financing, design, and self-performing construction.
  • Dream: Has developed or is currently developing over 4,500 rental units worth over $2 billion upon full buildout; specializes in public-private partnerships.
• Strategic Outlook: The companies intend to identify and pursue additional purpose-built rental opportunities, leveraging federal initiatives such as the MURB policy, the Build Canada Homes strategy, and reductions in development charges.

Notable Quotes

• "We believe the skills and expertise that have made us leaders in condominium development will be just as valuable in purpose-built rental. 49 Ontario St. will deliver much-needed market rental and affordable housing to downtown Toronto, and we're excited to be partnering with Dream to make it happen." — Gavin Cheung, Managing Partner and President, CentreCourt
• "Dream has been at the forefront of delivering purpose-built rental through innovative public-private partnerships. Working with CentreCourt on 49 Ontario St. brings together complementary strengths to deliver a project that will serve the community for decades to come." — Jamie Cooper, President of Development and Income Properties, Dream