Castlepoint Numa and Hazelview Investments have officially broken ground on 72 Perth Avenue, a new 18-storey purpose-built rental building in Toronto's Junction Triangle. The development will deliver 255 rental homes, including 51 affordable units.
Project Overview
The switch from condo construction to rental is showing no signs of slowing down, as evidenced by this recent groundbreaking. The project, located at 72 Perth Avenue near Dundas West subway station, is one of 17 building projects approved under the city of Toronto's Rental Housing Supply Program (RHSP), which provided funding for the 51 affordable units.
Michael Williams, managing partner and chief development officer at Hazelview, said the project is about delivering the kind of rental housing Toronto urgently needs. The building will offer a mix of one-, two-, and three-bedroom units, with two- and three-bedroom units representing about half of the total.
Affordable Housing Commitment
Jeff Brenner, partner at Castlepoint Numa, noted that the original plan included only 13 affordable units, but the number increased thanks to the RHSP program. He emphasized that the affordable units will be indistinguishable from market-rate units, which helps create a better community and building.
The development also supports the city's HousingTO 2020-2030 Action Plan, which targets 40,000 new affordable rental homes by 2030.
Design and Amenities
Brenner explained that the units feature proper den rooms with doors, suitable for a double bed or nursery, providing more space for couples and families. The building will include over 13,000 square feet of indoor and outdoor amenities, such as a fitness centre, pool, sauna, guest suites, and games room.
When asked about the condo market downturn, Brenner said constraints force creativity and a rationalization of what is being delivered. He noted that the market remains challenging but encourages a return to first principles: building housing that works for people.
Timeline and Background
Castlepoint acquired the development site in 2008 and led remediation of the former industrial property. Toronto City Council approved the final zoning amendment in May 2025, and demolition was completed in December 2025. Construction is now underway, with move-in expected in 2028.
