On the map: From a ‘big hole in the ground’ to affordable housing 

A building site at 507-511 Kingston Road became an eyesore in 2024 when construction came to a halt on The View condo project.   

Condoman Developments had started work on the eight-storey building with private infinity pools and other lavish amenities that reflected the peak-condo ambitions of the early 2020s. When the market cooled, however, the project collapsed, leaving behind what Marcus Tzaferis, founder and CEO of Cannect, a Toronto-based mortgage broker, describes as “a big hole in the ground.” 

What’s rising from that site today tells a very different story. Led by Cannect in partnership with the Neighbours affordable housing non-profit and Streetcar Developments, 511 Kingston Road is now an 80,000-square-foot purpose-built rental building with 30 affordable units and 60 rent-controlled units ranging from studios to three bedrooms. Supported by the City of Toronto’s Rental Housing Supply Program, including $7.8 million in capital funding and additional incentives such as a property-tax exemption, the eight-storey project is positioned as both a local housing win and a model for unlocking stalled sites across the city.   

The pivot was born out of necessity, but also out of a recognition that Toronto’s housing market had changed. Cannect’s mortgage fund had lent money to the original developer, and when the project failed, Tzaferis found himself responsible not only for recovering an investment but for determining whether the site could be salvaged. “The money invested wasn’t from a bunch of rich fat cats sitting in a tower on Bay Street,” he says. “It was people I know. It was RRSPs and TFSAs.” 

So Cannect “rolled up (its) sleeves” and began asking how a stalled luxury condo could become something the city actually needed. The answer emerged through a complicated but ultimately productive public, private and non-profit collaboration.  

For Streetcar, the fit was obvious. “We’re big believers in the neighbourhood,” says Jeff Schnitter, vice-president of development and construction. “Kingston Road is very well supported by transit, and this mid-rise building fits within the context of other buildings on that street and within that neighbourhood. In a redevelopment scenario, adding some gentle density to a transit-supported street makes sense.” 

The building itself is intended to avoid the usual visual and social separation between affordable and market housing, Schnitter says. “When you get down to features and finishes, they’ll be consistent across the building. Amenities will serve all users without distinctions being made. Toronto needs to get more comfortable with mixed-income housing that is indistinguishable by tenure.” 

In other G7 nations, Tzaferis points out, affordable and market-rent housing tend to be combined more seamlessly than they are in Canada. “Nobody will know this is an affordable building. They will know it is a building that has beautiful units in it. There’s going to be no stigma attached to whether a unit is affordable or market rent.” 

That distinction matters in the Beaches, where neighbourhood attachment runs deep and new development can trigger familiar anxieties. Both Tzaferis and Schnitter acknowledge the sensitivity of building in an established community. But they also argue that the alternative was a stalled site, not preservation. 

Schnitter frames the project as a welcome counter-narrative. “People are tired of hearing the failed condo project or unsold condo unit story,” he says. “When we can have a different narrative — a project moving forward, offering much-needed rentals in a neighbourhood with transit passing right by the front door — it’s very positive.” 

For Tzaferis, the process has been messy, mathematical and surprisingly rewarding. “If you can bring everyone to the table — and that’s what I’ve found to be the most special part — you can sit down and sort out the variables: This is the gross revenue number, these are the operating costs, this is how much we can spend to build the building. We’re going to need support here or here, and depending on that support, we can increase or decrease these rents.” 

Rents will be announced closer to 511 Kingston Road’s projected opening date in late 2027. For more information, visit 511kingston.com. 

Paper Route Café has a bright yellow façade and a warm design-forward interior. The neighbourhood spot serves coffee, teas, baked goods and light café fare. 462 Kingston Rd. 

Across Lakeshore Boulevard from the year-round Beaches Disc Golf course, Woodbine Park’s new October-to-May track blends open shots and more technical lines with turf tees and an easy-to-follow map of its nine holes. 1695 Queen St. E. 

STRONG Pilates has transformed a former Beaches retail space into a sleek wellness studio. Its Rowformer and Bikeformer machines combine reformer Pilates with cardio and strength training, while luxe touches such as eucalyptus towels and Dyson dryers elevate the post-class glow. 1939 Queen St. E.