Stafford and DBS Developments Launch Partnership for New Rental Tower in Toronto

📅 4 days ago

Stafford and DBS Developments have partnered to construct a new rental tower in Toronto's Yonge and Sheppard neighbourhood, featuring 524 units and designed by Turner Fleischer Architects.

In a significant development for Toronto's housing market, residential developers Stafford and DBS Developments have announced their collaboration to construct a purpose-built rental tower at 11-21 Johnston Avenue in the Yonge and Sheppard neighbourhood. This project marks the first partnership between the two companies and is set to address the growing demand for rental housing in the area. According to a project release, the proposed tower could rise to 48 storeys and will encompass approximately 350,709 square feet of residential space, comprising 524 rental units. The site is strategically located about 130 metres from the nearest entrance to Sheppard-Yonge Station, making it a prime location for prospective tenants. The design of the tower will be executed by Turner Fleischer Architects, known for their innovative approach to urban architecture. Jonathan Goldman, president of Stafford, expressed enthusiasm about the partnership, stating, "Stafford is incredibly excited to be partnering with DBS Developments at this opportune time to build this amazing new community on Johnston Avenue. Yonge and Sheppard is one of the most underserved rental nodes in the city, which paired with the strong rental demand in this area makes this the exact type of development the city needs. This is the first of several projects we are moving forward on together." For DBS Developments, this partnership signifies a continuation of its commitment to creating residential communities, building on previous projects like Bela Square in East Danforth and 2Fifteen in Forest Hill. Bryan Levy, CEO of DBS Developments, commented on the collaboration, saying, "We are thrilled to be partnering with Stafford on what will become a landmark purpose-built rental community for this neighbourhood and for the city. As demand for professionally managed rental housing continues to grow, it is increasingly important for experienced developers and operators to deliver projects that are built for the long-term." With a construction value of $92.5 million, the project is anticipated to be a significant addition to the local real estate landscape, addressing the pressing need for more rental units in the city. As the project progresses, it is expected to set a precedent for future developments in the region, particularly in light of the increasing demand for rental housing in urban areas.

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