The Artscape Lofts at PACE and 210 Simcoe represent an opportunity for artists and artist-led families to access 19 new homes at below-market prices, build equity in Toronto’s tight real estate market and remain rooted in rapidly changing areas of the city. Set within two larger condominium developments, the Artscape Lofts is home to artists working in diverse artistic disciplines and provides a base for creative and professional development in Toronto’s downtown core.
Reflecting the goals of Toronto’s 10-year affordable housing plan, The Artscape Lofts result from efforts of the City of Toronto’s Affordable Housing Office and its Home Ownership Assistance Program, Section 37 development agreements and City Planning.
Units within The Artscape Lofts are offered for purchase and for rent. The ownership opportunities are available to first-time homebuyers, with financing from the Artscape Mortgage, a no-interest, payment-free second mortgage that brings the purchase price to below market value. This, coupled with a shared appreciation plan, will ensure that units remain affordable to the arts community in perpetuity.
As Artscape’s vision for the Lofts is to provide secure, stable living space and to foster a vibrant and engaged community of artists, we introduced in 2015 the Value Exchange Program, which will guide owners in working together to contribute to the quality of life within The Artscape Lofts as well as across our portfolio.
Artscape announced these below-market purchase and rental opportunities in 2014 and 2015.