Innstead Co-operative Housing Inc. has cancelled a six-storey mixed-use building which would have had 33 affordable housing units, one retail unit at ground level, office space on the sixth floor, and nine surface parking spots at 355-363 Coxwell Ave.
An affordable housing project has been cancelled in Leslieville because, it is said, costs doubled to something like $21 million in three years. This interesting story at Toronto.com does not specify if the increase occurred through actual price increases or a failure to plan. The project was the well-intentioned idea of Innstead Co-operative Housing Inc., a 52-property co-op based in Leslieville. The development became unsustainable when construction costs nearly doubled to $21 million in three years. Despite efforts to find a solution, the co-op was unable to come up with a plan to make ends meet and decided to halt the project.
