Hazelview Investments and Sierra Corporation broke ground Monday on a 217-unit purpose-built rental development in Toronto’s Leaside neighbourhood.

The site is located at 383–389 Cleveland St., with occupancy targeted for 2028.

The 15-storey project will include 43 affordable rental units and 33 accessible suites designed to CSA accessibility standards. Located near Bayview Avenue and the Eglinton Crosstown LRT corridor, the development was originally planned as a condominium project before being converted to rental housing in response to market conditions and ongoing demand for purpose-built rental accommodation.

The project received support through the City of Toronto’s Rental Housing Supply Program, including approximately $5.4 million in financial incentives and a 40-year property-tax exemption valued at an estimated $1.8 million. Hazelview and Sierra also secured $112 million financing through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan program in December 2025.

“Projects like this show what is possible when we build for the long term, adding new homes in complete communities while keeping affordability and access at the centre of growth,” said Toronto Mayor Olivia Chow.

The building will offer a mix of one-, two- and three-bedroom units, including 76 suites with two or more bedrooms aimed at accommodating families. Residents will have access to approximately 8,500 square feet of indoor and outdoor amenity space, including fitness, wellness, co-working, recreation and outdoor gathering areas.

“Inclusivity has to be built in from the start,” said Michael Williams, managing partner and chief development officer at Hazelview. “At 383–389 Cleveland, that meant a genuine mix of bedroom sizes, affordable homes woven throughout the building, and 33 accessible suites designed to CSA standards.

“This isn’t a building that checks boxes. It’s one that opens doors for all,”

The project is designed to achieve Tier 3 of the National Energy Code of Canada for Buildings 2020, targeting a 50% reduction in energy consumption and a 78.1% reduction in greenhouse-gas emissions compared with baseline requirements. It will also be the first Hazelview development to incorporate a geothermal-based mechanical system supplied by Geosource Energy Inc.

Toronto-based Hazelview is a Toronto-based global real estate investment firm with $11 billion in assets under management. The company focuses most of its activities around the rental-apartment sector.

Pictured: Hazelview and Toronto’s future apartment building in Toronto’s Leaside neighbourhood.

Rendering: Courtesy of Hazelview

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