By Andre Bermon, Publisher –
Renovations to convert the Bond Place Hotel into supportive housing will cost the city $53 million, the bridge has learned. A City of Toronto spokesperson confirmed the estimate.
The renovation cost is on top of $94 million the city paid to purchase the 50-year-old building.
Bond Place has served as a homeless shelter since August 2020 as part of the city’s response to Covid-19 health restrictions. After buying the property from the Silver Hotel Group in September 2022, the city is phasing out services to accommodate the conversion to supportive housing. The shelter program is expected to fully close next summer, according to a City of Toronto website.
The Govan Brown company has been contracted to perform the renovations.
The city plans to create approximately 280 affordable and deeply affordable units, with wrap-around-services provided by Dixon Hall, a social service agency. A City of Toronto spokesperson says operating funding for support services have been secured from the provincial government. “This funding will ensure [that] tenants have access to wrap-around housing, health, mental health and other supports to help them improve their well-being and achieve long-term housing stability.”
Funds from both the federal Rapid Housing Initiative and the city’s HousingTO 10-Year Capital Plan were used to purchase the Bond Place Hotel and pay for the required renovations.