The fact that Toronto is in serious need of new affordable housing is known to many, which is why today's announcement of a new revitalization project is welcome news. 

The City of Toronto, Toronto Community Housing Corporation (TCHC) and Context Development announced today that a new project to revitalize two properties on Queen St. East will be going forward. 

Pleased to announce that the @CityofToronto and @TO_Housing will be moving forward with an agreement to revitalize the neighbouring TCHC properties at 1555 and 1575 Queen Street East to improve units, while adding new affordable and market housing in our city. pic.twitter.com/ghTQ74P6XE

— John Tory (@JohnTory) October 28, 2019

The major revitalization of TCHC's Don Summerville Apartments at 1555 and 1575 Queen St. East will replace the 120 rent-geared-to-income TCHC units currently on site.

It will also see the creation of 100 new affordable rental apartments (with rents set at no more than 80 per cent of the Toronto's average market rent), 180 rental apartments at market rates, and 350 condominiums.

This means the total number of housing units on the existing property will increase from 120 to 750.

Digital renderings of new housing units at Queen and Coxwell. The new revitalization project will replace the 120 #TCHC units currently on the site, & add 100 affordable rental apartments, 180 market rent apartments & 350 additional condo units. Read more: https://t.co/Uue6tjQWiP pic.twitter.com/0hXYcFddAy

— TO Community Housing (@TOHousing) October 28, 2019

According to Toronto Community Housing, 50 of the affordable rental units will be operated by a non-profit or TCHC, and 50 will be privately owned. 

The plan has officially been approved by the TCHC Board and City Council, so the next step is a neighbourhood consultation process and city planning approvals.

"This revitalization is about more than just bricks and mortar, it’s about creating a new community, where renters and TCHC tenants and condo owners live side by side," Tory tweeted about the project.

"Above all else, this project is about addressing the many levels of housing affordability needs in this city."

Once the consultation and planning stage is completed, Tory said they hope to see shovels in the ground as early as next year and completion at some point in 2023.