Medallion Corporation has begun construction on The Foundry District, a large-scale rental community located in downtown Oshawa. the development transforms a 23-acre former industrial plot into a mixed-use neighborhood featuring affordable housing and public green space.
The 23-storey rise at 151 Bruce Street
Construction has officially commenced on the first two purpose-built rental buildings of the project, located at 119 and 151 Bruce Street. According to the report, these initial structures will reach heights of 10 and 23 storeys, respectively, signaling a significant increase in density for the downtown Oshawa skyline.
Together, these first two buildings are designed to provide more than 500 rental homes. A critical component of the project's social mandate is that 30% of these units will be designated as affordable, with additional residences categorized as rent-geared-to-income to support a diverse demographic including seniors, students, and newcomers .
How CMHC and the Region of Durham funded 500 initial homes
The scale of The Foundry District is made possible through a complex layering of public and private capital. As the report says, the project is backed by funding from the Canada Mortgage and Housing Corporation's (CMHC) Apartment Construction Loan Program, the Region of Durham's Regional Revitalization Program, and a specific grant agreement with the City of Oshawa.
This collaborative funding model aims to revitalize a site that sat vacant for years after the closure of the Fittings Factory.. By leveraging these grants and loans, Medallion Corporation is attempting to prove that high-density, mixed-income rental projects are viable in mid-sized Ontario urban centers when the public sector offsets initial risks.
A response to the Greater Toronto and Hamilton Area housing crisis
The development of The Foundry District arrives during a period of acute housing shortages across the Greater Toronto and Hamilton Area (GTHA). The shift toward purpose-built rentals in Oshawa reflects a broader provincial trend where developers are moving away from luxury condominiums in favor of rental stock to meet the demands of a growing workforce and a pricing-out of young professionals .
By creating a "center of gravity" in downtown Oshawa, Medallion Corporation is positioning this project as a catalyst for further urban intensification. This echoes similar revitalization efforts seen in other industrial hubs across Canada, where former factory lands are being reclaimed to combat the systemic lack of rental availability in the GTHA.
The path to 3,000 homes and the Fittings Factory's legacy
While the current focus is on the Bruce Street buildings, the long-term vision for the 23-acre site is far more ambitious. Medallion Corporation's full master plan includes the potential for approximately nine buildings and a total of 3,000 rental homes, complemented by local restaurants , retail spaces, and a central park situated where the original factory floor once stood.
However, several details remain unverified. It is currently unclear what the specific timeline is for the remaining seven proposed buildings or what criteria will determine the selection of the retail and restaurant tenants.. Furthermore, while the project is described as an "opportunity" for 3,000 homes, the source does not clarify if the funding for the later phases is already secured or if it depends on the success of the initial 500 units.
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