Ground broken on The Benjamin, a 528-home Toronto rental tower

UrbanToronto reported that a ceremonial groundbreaking was held on October 22 for The Benjamin, a 58-storey rental tower in downtown Toronto. It will have 528 homes at 355 Adelaide Street West, at Charlotte Street.

The LiUNA Pension Fund of Central and Eastern Canada is financing the project, which is being developed with Fengate Asset Management and The Hi-Rise Group. The fund is run for union members and invests in communities across the Greater Toronto and Hamilton Area, according to its chair. LiUNA’s Joseph Mancinelli said its work involves creating union jobs and investing where its members live.

Of the 528 homes, 518 are market-rate, meaning rented at whatever the market will pay, and 10 are affordable rentals. The redevelopment was once called Spadina Adelaide Square and grew out of earlier condominium proposals, with ownership changes leading to the rental plan. The tower will keep part of the six-storey Gelber Building, designed by architect Benjamin Brown, in its base.

Plans include two underground levels with no car parking and spaces for 280 bicycles. Fengate expects the first residents to move in during 2030. The Ontario Line’s Chinatown station is expected within walking distance in the early 2030s.

Sources: UrbanToronto