An approved condominium development near Toronto’s Islington subway station is being reworked as a substantially larger purpose-built rental project.

North Edge Properties and its partners have taken over the development at 35 Mabelle Ave., where Tribute Communities had previously advanced plans for a 49-storey, 580-unit condominium tower.

The new ownership group is now proposing a 53-storey rental building containing 685 homes — adding four floors and 105 units while changing the plan from condominium to rental.

The revision marks another example of developers recalibrating projects already well into the planning process as Toronto’s condominium market remains challenged and demand for rental housing continues to support investment.

North Edge is pursuing the project with Hereditary Holdings Limited and Myriad Holding Corporation Limited. Kohn Partnership Architects is designing the revised tower.

The site is just north of Bloor Street West and a short walk from Islington Station, placing it within one of Etobicoke’s most active high-density residential nodes.

The changes will require approval through Toronto’s Committee of Adjustment. A hearing on the minor-variance application, which seeks permission for the additional height and other revisions to the previously approved development, is tentatively scheduled for Sept. 24.