Major downtown Oshawa development breaks ground

Key Takeaways:

• Medallion Corporation has broken ground on The Foundry District, a 23-acre mixed-use development transforming a former industrial site in downtown Oshawa.
• Phase 1 includes $188 million in CMHC loan financing to build two rental towers delivering over 500 units, with 30 percent set aside as affordable and rent-geared-to-income housing.
• The master plan contemplates up to nine buildings and 3,000 rental homes surrounding a central public park, with initial occupancy targeted for late 2029.

The Whole Story:

Medallion Corporation has officially broken ground on The Foundry District, a major mixed-use redevelopment spanning 23 acres (9.3 hectares) in downtown Oshawa. Joined by municipal, regional, and federal officials, the developer marked the start of construction on the community’s first two purpose-built rental towers—standing 10 and 23 storeys at 119 and 151 Bruce Street.

Phase 1 will deliver over 500 purpose-built rental apartments, with 30% designated as affordable housing alongside units offered at rent-geared-to-income (RGI) rates. The project is backed by $188 million in financing through Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program, combined with funding from Durham Region’s Regional Revitalization Program and financial incentives from the City of Oshawa.

The massive urban infill site previously housed the historic Fittings Factory, a cast-iron foundry that served as one of Oshawa’s primary industrial employers for 85 years until its closure in 1987. Following comprehensive environmental remediation of the brownfield lands, the master-planned vision outlines the potential build-out of up to nine buildings delivering approximately 3,000 total rental units, ground-floor retail, restaurants, and a multi-acre public park at the heart of the district.

“Our government is committed to driving housing supply to bring down costs,” said Gregor Robertson, Minister of Housing and Infrastructure. “This project will create more rental homes for people living and working in Oshawa and is an example of what’s possible when we work together in partnership with the private sector.”

Anna Fagyas, Director of Development at Medallion Corporation, emphasized the transformative nature of the master plan: “We are establishing a new centre of gravity for downtown Oshawa — a place our future residents will call home, and a public realm all of Durham Region can enjoy. Medallion has a deep track record in Ontario and here in Durham… The Foundry District is our next chapter — and we are proud to be building it with partners from every level of government.”

Oshawa Mayor Dan Carter welcomed the start of heavy civil work on the former industrial site. “For decades, this land was a reminder of what Oshawa used to be. Today it becomes the foundation of what we are becoming — a growing downtown where thousands of people will live, work and gather,” Carter said. “Oshawa has waited nearly forty years for cranes to rise on Bruce Street and there is no better feeling as mayor than seeing that day arrive.”

Leasing for the initial 500 units across the 10- and 23-storey towers is scheduled to begin in late 2029.