Toronto, ON; January 16, 2024 – KingSett Capital, together with its project team BDP Quadrangle and Reliance Construction Group, is pleased to announce that construction has officially begun on Valhalla Village, an affordable housing development located at Bloor and The East Mall in Toronto. Valhalla Village will be the first ground-up, purpose-built housing development for the KingSett Affordable Housing Fund. Phase 1 of the development will comprise a total of 494 units, including 172 affordable units. Initial occupancy for Phase 1 of Valhalla Village is expected in the third quarter of 2026.
“Breaking ground at Valhalla Village is a critical first step in KingSett’s ambitious goal of developing a portfolio of affordable housing that leads the industry in terms of depth, product design, and sustainability,” said Jeff Thomas, Group Head, Development at KingSett Capital. “The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community. We are very excited to be moving ahead with this extraordinary development.”
Valhalla Village is designed to be net-zero carbon through geothermal heating and is on track to achieve the Canada Green Building Council’s Zero Carbon Building – Design (ZCB) Standard™ certification in 2024. The project will participate in the new WiredScore Multi-Residential Certification Program. The site, which will also include a community agency space and public park, is zoned to allow for a second phase to be constructed at a later date.
KingSett has secured construction financing through the federal government’s Apartment Construction Loan program, previously known as the Rental Construction Financing Initiative (RCFi). Through the City of Toronto’s Open Door program, Toronto City Council approved financial incentives, such as property tax and development charge exemptions and permit fee waivers, to support affordable housing at this site.
BDP Quadrangle is the lead architect for Valhalla Village. Reliance Construction Group will lead the construction of the project, and Purpose Building Inc. provided sustainable design services to the development.
About the KingSett Affordable Housing Fund
The KingSett Affordable Housing Fund LP’s strategy is to invest in projects that deliver high quality affordable housing within Canada’s core rental markets. The goal of the Fund is to provide stable risk weighted returns while delivering high quality affordable housing within Canada’s core rental markets. The Fund will participate in joint ventures, ground up development, financing initiatives and other structures to address the escalating issue of housing affordability in Canada.
About KingSett Capital
Founded in 2002, KingSett Capital is a leading Canadian private equity real estate firm that co-invests with institutional and ultra-high net worth clients to deliver sustainable, premium risk-weighted returns. KingSett manages $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies.
In recognition of its commitment to sustainability, KingSett was ranked #1 globally in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Survey for Development in its Residential Non-Listed peer-group and 2nd in the North America Diversified Office/Residential Non-listed peer-group for Standing Investments. As a leader in the industry, KingSett remains dedicated to moving the real estate sector forward and seeking new investment opportunities in a wide range of real estate properties, developments, joint ventures, and mortgage lending.
For more information, please contact: