An impressive plan to redevelop City of Toronto-owned lands at a major transit hub was revealed on Tuesday, one that will bring three striking towers and a massive boost of affordable housing to a pocket of the city that has been largely ignored by the ongoing development boom.

The City and its real estate asset management agency CreateTO announced that Civic Developments, Windmill Developments, and the Co-operative Housing Federation of Toronto have been selected as partners in a bidding process to develop the City-owned lands at 2444 Eglinton Ave. E.

Currently, the site just north of Kennedy GO and TTC station is used as a commuter parking lot.

CreateTO has long planned to leverage this and other sites adjacent to transit, launching the Housing Now initiative in 2019 to activate underutilized City lands and work with private developers to get affordable housing built.

Affordability of the resulting projects is assisted through millions of dollars in financial incentives from the City, including a waiver of fees and charges and an exemption from property taxes.

The project is set to replace the current land uses with three towers as tall as 40 storeys; two containing co-op housing and another containing market-rate units.

Together with the @cityoftoronto, today we announced Civic Developments, Windmill Developments and @CHFTCHFT as the development partners for a new housing project at 2444 Eglinton Avenue East. #AffordableHousing pic.twitter.com/9K9iLbNaXu

— CreateTO (@_CreateTO) January 9, 2024

A total of 918 homes are proposed across the three towers, planned in a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments.

The plan includes 612 rent-geared-to-income, affordable, and market rent-controlled co-operative homes — one of the largest affordable housing developments planned in Ontario over the last quarter-century, and the province's largest co-op development.

These co-op buildings will be owned and operated by their residents via the not-for-profit housing co-operative, and governed by a board of directors consisting of residents elected by the co-op members.

Residents of the co-op and rent-geared-to-income units would pay between 40 and 100 per cent of average market rents depending on income levels, putting much-needed housing options within a stone's throw of a major transit hub.

In addition to the massive injection of new market-rate and affordable housing, the development would give back to the neighbourhood with 3,580 square feet of community space, while fostering improved foot traffic through the addition of 12,770 square feet of retail space.

"I'm pleased to announce the development partners for this site, which is helping us reach our affordable housing targets," said Mayor Olivia Chow.

"This project is a good example of how the City, not-for-profit housing providers and private developers can work together to get affordable housing built."

The concluded, "This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments, because we need more housing and everyone at the table to deliver it."

The project's next steps include an application with City planners seeking a zoning bylaw amendment and other planning approvals before a final concept can emerge.

CreateTO and the City anticipate that construction will begin later this year.