Stafford and DBS Developments have announced their first joint venture: a 48-storey rental tower at 11-21 Johnston Ave. in Toronto's Yonge and Sheppard district. The project will deliver upwards of 524 rental units, totaling an estimated 350,709 sq. ft. of residential space.
Addressing a Housing Gap
The developers describe the area as “one of the most underserved rental nodes in the city.” Bryan Levy, CEO of DBS, said, “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.”
Nathaniel Pace, senior vice president of development and investments at Stafford, noted the company's long-term interest in North York. “We were eager to continue building in North York, which we see as one of Toronto's most dynamic and rapidly evolving communities,” he said.
Project Details
The building will offer a mix of one-bedroom, two-bedroom, and three-bedroom units, along with retail space at grade. Amenities include 1,050.90 sq. metres of indoor amenity space and 525.90 sq. metres of outdoor amenity space. Parking will be provided with 51 spaces and 208 bicycle parking spaces.
Pace explained the parking strategy: “We're cognizant that there is still demand for people who do have cars. It's really finding that balance about trying to lean into this transit-oriented walkable site, while also acknowledging the reality that not everyone is walking and taking the subway.”
Transit-Oriented Location
The site offers convenient access to Highway 401 and is within walking distance of grocery stores, shopping, restaurants, performing arts venues, movie theatres, and everyday services.
Pace highlighted the broader housing context: “Toronto is facing a significant housing supply challenge, which we think is going to be exacerbated in the coming years with condo completions falling off a cliff with virtually no completions projected beyond 2029. We think this purposeful rental housing is a critical part of that solution.”
Construction is expected to begin in 2027.
