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TORONTO – A heritage commemoration project in downtown Toronto is slated to provide 231 purpose-built rental units, including 40 affordable homes, at 950 King St. W.

,��,��, and the  recently marked the start of construction on the 17-storey project, which will redevelop the historic Palace Arms Hotel into a purpose-built market and affordable rental apartment building.

Key elements of the building’s legacy will be preserved, a release notes.

The site itself is meant to promote transit-oriented living and is located directly on the King West TTC line and within walking distance to Liberty Village, Trinity Bellwoods Park and the Financial District.

The build will also include retail space, outdoor amenity areas, co-working facilities, a fitness centre, parcel lockers, social lounges and bike storage.

“The development team is working closely with  to thoughtfully commemorate the site’s historic past,” states the release. “The new building will feature a reconstruction of the original Palace Arms Hotel façade, incorporating salvaged materials such as stone, stained glass, woodwork, and metal detailing. These restored elements will be integrated into the new structure, honouring the site’s legacy while meeting the needs of today’s city.”