Artscape Weston Hub / 33 King Street Apartments
33 King Street, Toronto, Ontario
Type: Renovation
Size: 8,200 sf
Project Cost: $13.3 million
Development Partners:
- Artscape
- City of Toronto
- Toronto Parking Authority
- The Rockport Group
- Woodbourne Capital Management
Status: Opened in 2019
Description
Artscape Weston Hub / 33 King Street Apartments is a renovation project in Toronto’s Weston and Mount-Dennis area which re-imagines underutilized space on the ground floor of an existing high- rise building at 33 King Street as well as 12,400 square feet of outdoor space around it. The project includes a community culture hub, rental housing and 26 units of non-profit housing added to the base of an existing tower. The 420-unit rental building will also have 43,000 square feet at the ground floor converted into a self-storage facility. A new 30 storey 370-unit rental building will be constructed at 22 John Street.
Complexity / Collaboration
The Rockport Group and Woodbourne Capital Management own the site and Artscape will function as the Nonprofit Facility Operator with legal and financial responsibility for operations. The development includes 26 affordable live/work spaces for artists and their families managed by Artscape, as well as a venue for public arts programming and space for not-for-profit arts, cultural and community organizations. Outdoor programming space will be programmed by Artscape as well as its tenants and program partners. The project will serve as a community gathering place, including for the Weston Farmers’ Market and other groups planning community events.
Costs / Funding
Funding will come from a variety of sources, including the sale of the city parking lot, relief from city fees/charges and the federal-provincial Investment in Affordable Housing program. The Hub is not funded by the public and has to pay for itself. The project is built on a social enterprise model similar to Artscape’s other community cultural hubs like Daniels Spectrum in Regent Park to maximize community benefit and accessibility. The spaces and programming at the Hub will be supported by a Community Access Fund created by a gift from Rockport and by Artscape fundraising. Artscape will contribute approximately $2 million through a mortgage and fundraising, while Rockport will provide a $2-million endowment. The Fund will ensure that the Hub is financially accessible and sustainable for the first 15 years of its operation. The Fund will support free community access to event, meeting space, affordable rents for Hub tenants and accessible programming.
Questions?
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