Stafford and DBS Developments have formed a partnership to develop a purpose-built rental tower project in Toronto’s Yonge and Sheppard neighbourhood.

Located at 11-21 Johnston Avenue, the project marks the first collaboration between the two Greater Toronto Area residential developers and is expected to be the first of several joint-ventures between the companies. Located roughly 130 metres from Sheppard-Yonge Station, the site provides access to both the Yonge-University and Sheppard subway lines and sits within one of Toronto’s strongest rental markets, supported by transit connectivity, proximity to employment nodes, and neighbourhood amenities.

The proposed development site also offers access to Highway 401 and is within walking distance of shopping, restaurants, entertainment venues, grocery stores, community services, and Mel Lastman Square.

“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,” said Jonathan Goldman, president of Stafford. “Our collaboration with DBS brings together our complementary development and construction expertise, alongside DBS’ vast experience with owning and managing some of the most beloved rental residences across the city.

“This is the first of several projects we are moving forward on together. We love this city, we believe in this opportunity, and we are proud to have the vision and the courage to act on both.”

DBS said the partnership aligns with its strategy of building professionally managed rental communities focused on long-term operations and resident experience, building on projects that include Bela Square in East Danforth and 2Fifteen in Forest Hill.

“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,” said Bryan Levy, CEO of DBS. “Stafford has built an exceptional reputation for delivering thoughtful, beautifully executed projects across Toronto, and there is a strong natural alignment between our organizations in how we approach development, construction, and the resident experience.

“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. Together, we’re excited to bring a world-class rental community to one of Toronto’s most connected neighbourhoods, where demand for high-quality rental housing remains strong.”

According to a development application submitted earlier this year, the project proposes 524 rental units comprising approximately 350,709 square feet of residential space across a multi-property assembly. The development was designed by Turner Fleischer Architects with planning guidance from Goldberg Planning Group.

Stafford is a privately owned real estate company involved in development, construction, asset management and property operations, with more than 60 years of experience across Canada and the United States and a portfolio spanning residential, commercial, retail and mixed-use properties.

DBS is a fully integrated real estate developer specializing in condominium and purpose-built rental communities, with more than 60 years and three generations of experience in development, construction and property management.

Pictured: Future apartment tower in Toronto’s Yonge and Sheppard district.

Rendering: CNW Group/DBS/Stafford

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