Starving artists are poised to join millionaires in a ground-breaking waterfront condo project to be debated by Toronto’s executive committee Tuesday.

The city has chosen non-profit developer Artscape to manage 80 affordable artists’ apartments within a 220-unit condo building on the water’s edge, east of Sherbourne Common and George Brown College.

The proposed affordable housing pilot project, approved in principle by council last fall, is part of Waterfront Toronto’s $1.1 billion Bayside neighbourhood, being developed by partners Hines and Tridel Corp.

“This project will set a precedent for integrating a diverse mix of individuals and families into a new waterfront community,” said Sean Gadon, director of the city’s affordable housing office.

The affordable apartments, to be located on eight floors along the north and west side of the 11- to 12-storey condo complex, will function as a separate entity in the building with their own lobby, elevator, roof-top amenity space and parking.

The units will provide desperately needed housing for artists in the city where just 0.5 per cent of the non-profit housing stock — or just 389 units — is earmarked for them, Gadon said.

Artscape doesn’t want to comment about the project until council gives its final approval, expected in July. But spokeswoman Liz Kohn said the company is “thrilled to be named” as the non-profit housing provider on the site.

About 1,000 artists are currently waiting for one of Artscape’s 105 affordable rental units in the company’s existing three rental buildings, Kohn added.

If anything, on-site artists may attract condo sales, said Jim Ritchie, Tridel’s senior vice-president of sales and marketing.

“It may not be such a bad thing. Although I don’t know if they are all going to be starving (artists),” he quipped. “The fact is, Artscape has a great program and we’re looking forward to working with them.”

The project’s $26 million capital cost is being covered by an expected $12 million contribution from the federal-provincial Investment in Affordable Housing program and $7 million from the city’s development charges reserve fund. Artscape is expected to take out a mortgage for the remaining $7 million and recoup the cost through rent.

The city is covering an additional $7.66 million in indirect contributions, including land, and relief from property taxes and development charges.

Under the federal-provincial housing program, rents must be set at 80 per cent of average market rent or $828 for a one-bedroom, $980 for a two-bedroom and $1,190 for a three-bedroom, at current costs. At these rents, families, couples and singles with an annual household income between $40,000 and $57,000 would be eligible to rent a unit. Rents and incomes will be adjusted for expected occupancy in 2018-19, according to a staff report.

Mayor Rob Ford said last fall that putting affordable housing on the waterfront was a waste of valuable real estate. However, he was reminded that the city’s Central Waterfront Secondary Plan calls for 20 per cent of all new housing in the area to be affordable.

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The city’s ongoing ownership of the proposed Artscape units will keep them affordable, said area Councillor Pam McConnell (Ward 28, Toronto Centre-Rosedale.)

“It just secures the future and means we will always have affordable housing on the waterfront,” she said.

“What’s really exciting is that we’ve really looked at this as a framework for future projects, as well as a solution for the waterfront,” she added.

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