City Council Approves KingSett's 46 Story Condo Amid Housing in Downtown East Neighbourhood

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The seven vacant lots at 214-230 Sherbourne Street have become a focal point in the discussion surrounding affordable housing. With housing insecurity on the rise, Kingsett Capital, one of Canada's prominent private equity real estate investment firms, proposed constructing a 46-storey luxury condominium in a neighbourhood in dire need of affordable housing. This application sparked outrage among residents, highlighting concerns about further exacerbating gentrification in the area.

Despite significant community opposition, Toronto City Councillor Chris Moise motioned to approve the application during a recent council meeting in October 92024, granting Kingsett Capital permission to proceed with the luxury condo development. Reports suggest that Kingsett may plan to "flip" the property—selling it quickly for profit. This decision has led to widespread disappointment in the community, particularly among groups like 230 Fightback, who advocate for establishing low-income housing in the area.


 

Location: Toronto

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