The Athletes' Village, which is officially titled the CIBC Pan and Parapan American Games Athletes' Village, is currently being constructed on an 80-acre site next to the Don River in Toronto's waterfront district and during the Games it will be the home to 10,000 athletes, coaches and team officials.

And now the Provincial Government has announced that Fred Victor has signed an agreement to own and operate the facility after the Games where it will be transformed into a mixed-use neighbourhood with affordable housing, new condominiums, a YMCA and a dormitory for George Brown College students.

"This is not only a defining moment for Fred Victor, but for affordable housing in Toronto," said Fred Victor executive director Mark Aston.

"This is a great example of how forethought, planning and Government and community partnerships can work to not only address an urgent need, but to allow the sector to expand and nurture a new model in supportive housing that will benefit the community at large.

"We are very pleased to bring this Pan Am legacy building into our portfolio of housing and services to the community."

The Toronto 2015 Athletes’ Village will be the home to 10,000 athletes, coaches and team officials during the Pan Am and Parapan Am Games

During Toronto 2015, the Athletes' Village will meet the requirements of the International Olympic Committee's (IOC) Technical Manual on Olympic Villages, as well as the LEED (Leadership in Energy and Environmental Design) Gold certification standards.

It will also have 24-hour service throughout the facility for athletes and team officials, while a large transport mall and accreditation services will maximise convenience for athletes and officials.

In addition, there will be a polyclinic that will offer a full range of health care services.

Contact the writer of this story at [email protected]