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“It is hugely exciting to use bonusing this way. It is critically important. We are the link working with developers,” said Giustizia.

The 25 units will be offered as affordable housing for 25 years and will be priced at 95 per cent of the average price in the city, meaning if they were on the market today they would be priced at about $800 a month, he said.

“It’s a great discount. Those units will be valued at about $1,100 a month,” he said.

The site now has two commercial buildings on it, just west of Aeolian Hall and across Dundas Street from the provincial offences court.

“The fact it is two large towers will work with the village design,” said Sonia Wise, city planner.

“They are large towers but theystep backand thatminimizesthe bulk alongDundasStreet.”

The east village has been busy with small business growthand boasts three other recent highrises, as well as a growing redevelopmemt of the former Kellogg factory, also on Dundas Street.

“These towers are a great show of confidence in the area that needs investment,ithelps support the economy of Old East Village,” said Stephen Turner, chairperson of the planning committee.

Paramount Development, owner of the building, met with community groups as well as housing and city officials to get a deal on the development and the design, said partner Roger Caranci.

“We see this as a need in the community and we want to help however we can,” said Caranci. “We know the area needs revitilization and we can help the city address homelessness and affordability.”