Canada’s largest co-op housing development in more than 30 years has broken ground in record time.

The federal government is supporting Kennedy Green, located at 2444 Eglinton in Toronto, with a $289 million investment through the Co-op Housing Development Program.

Non-profit rental co-op housing is a type of housing where the residents participate in managing it. Rather than being owned by a landlord or individuals, as in rental buildings or condos, the co-op owns the building, and residents become members who elect a co-op board. Members can live in their home for as long as they like, paying rents (or “housing charges”), which are based on the costs of running the building. As a result, co-op housing provides members with long-term affordability and security of tenure.

This project will deliver 612 new homes in Scarborough, affordable and market rent-controlled co-op units. Once complete, Kennedy Green at 2444 Eglinton will be the largest purpose-built non-profit rental co-op in Canada.

Kennedy Green is the first phase of the three-tower 2444 Eglinton development. Construction on the two non-profit co-op towers in the first phase is expected to finish in 2029.