The retail landscape of Kensington Market is becoming increasingly unaffordable for small locally-serving and immigrant-owned businesses.
The KMBIA asks developments with a commercial space component to:
- Provide at least 20% of new commercial spaces at affordable rates ranging from $20-$30 per square foot for a minimum of 20 years for community organizations, social enterprises and cooperatives, and local-serving businesses.
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For start-up businesses, smaller footprints are often favourable to reduce rents and lower upfront risks. Ensuring smaller footprints is also used as a way to discourage the move-in of corporate chain businesses. It is important to protect existing commercial spaces with smaller footprints from block consolidation and redevelopment.
For major investments in existing commercial space, The KMBIA ask investors to:
- Sign long-term and affordable leases with locally-serving commercial tenants in Kensington with regulated rent increases.
- Make a long-term financial contribution to support neighbourhood wellbeing in Kensington, including but not limited to food security and community health.
For more information, please read our Affordability Resource Document below which addresses various policies, new business sub-classes, Municipal Tax Benefit for Small Businesses, Tenancy Agreements in Ontario, Deregulation and Speculation.
Information cited from Parkdale Benefits framework