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Allenbury Gardens – VIVO Residences Inc.Creation of new Bare Trustee Title Nominee
February 24, 2017Board of Directors
Phase 1.1Phase 1.2 Phase 2.1
Phase 2.2
CONNECT SOUL TCHC VIVO FUTURE
HW
Y 4
04
Allenbury Gardens Revitalization
Revitalization of all 127 rent-geared to income units
Rental replacement costs are 100% covered from land and unit sales
When complete, Allenbury Gardens will have 127 rental replacement social housing units and approximately 900 market condominium units.
• Soul and CONNECT are both 100% pre-sold and currently under construction
• VIVO went to market in October 2016 and is now 96% pre-sold
Project Update
Toronto Community
Housing CorporationFRAM Building Group
Allenbury Gardens
Development
Corporation
FRAM Allenbury
Gardens Development
Inc.
Soul
Residences
Inc.
Future
Market
Building
100% 100%
43.2%56.8%
100%
3rd Party Construction Financing
Trades
Connect
Residences
Inc.
VIVO
Residences
Inc.
Allenbury Gardens
Revitalization General
Partnership (AGRGP)
• Definitive project agreements signed in 2013 based on this land holding structure
• AGRGP cannot hold legal title to land, would require tenancy in common to split title
• Creation of a bare trustee title nominee with the sole purpose to hold title to the land and serve as condominium declarant and registrant with Tarion
• Consistent with TCHC’s Subsidiary Framework and Shareholder Direction, Staff met with the City Manager’s office to consult on two occasions and there were no issues or concerns raised
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