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Dream Impact Trust (MPCT-UN-T) and its partners have secured financing for one major downtown Toronto multifamily project, and have “conditional approval” for financing for a second site which, combined, would deliver over 2,400 rental units plus other space to the downtown market.
In an announcement Thursday morning, Dream Impact reports financing is now in place for the redevelopment of 49 Ontario St., which would provide over 1,200 rental homes at full build-out.
It is also finalizing financing for an additional 1,200 apartments planned for the multi-phased Quayside redevelopment.
“Both 49 Ontario St. and Quayside are projects named as part of a broader partnership between the City of Toronto and the federal government to deliver affordable and purpose-built rental housing in Toronto,” Dream Impact states in the announcement.
The 49 Ontario and Quayside projects
49 Ontario is planned for a highrise redevelopment (an existing office property) which would include approximately 800,000 square feet of residential density. Dream's plans also called for approximately 68,000 square feet of office or commercial density.
Dream Impact Trust has been publicly searching for a partner to assist in developing that site.
Quayside is a 12-acre site along the Toronto waterfront, with approximately eight acres of developable land to be redeveloped in five blocks. Dream Impact, in partnership with Great Gulf, has been selected to develop the mixed-use community.
The partners plan a series of towers and midrise multifamily buildings across the various development blocks, with initial plans calling for towers up to 70 storeys.
Today’s announcement mentions only the first phase of the project, and focuses on purpose-built rental apartments. The Quayside project is to offer a range of housing options over the life of the project, including condominiums.
Dream said it expects to release additional details about the projects in conjunction with the release of its Q1 2025 financials on May 5.
About Dream Impact
Dream Impact is an open-ended trust dedicated to impact investing, with a portfolio of real estate assets reported under two operating segments: development and recurring income.
According to the trust’s 2024 financial report, it held $684.4 million worth of residential, office and other assets at year-end.
Its asset manager and largest shareholder is its parent, the privately held Dream Unlimited Corp.
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