Broccolini is moving ahead with The Riv as a purpose-built rental project in Toronto’s downtown-east corridor.

The 37-storey mixed-use development will deliver more than 350 rental units, with construction expected to begin in the coming months and completion targeted for 2029, said Broccolini.

Originally planned as a condominium project, The Riv has been repositioned to rental following an extended period of study and design refinement aimed at aligning with market conditions and increasing demand for long-term rental housing in the city, the firm added. The Greater Toronto Area condo market has been hampered by a steep market downturn, with many prospective buyers forfeiting presale deposits to cancel deals. Meanwhile, many other proposed projects have been slow to sell.

The revised plan features fewer units, but larger and more functional layouts, which are typical of purpose-built rentals rather than investment condos, along with a full suite of amenities typical of new rental developments.

The project is located in a rapidly growing area of Toronto’s downtown east, within walking distance of the future Ontario Line and near the planned East Harbour transit hub and employment district.

Plans also call for a geothermal-energy system to support heating and cooling, improving long-term energy performance and sustainability. Broccolini will also deliver a new publicly accessible park as part of the development, adding green space and helping connect the surrounding community to the area’s expanding network of parks.

“Toronto’s downtown east continues to emerge as one of the city’s most dynamic growth corridors,” said Phil Brennen, vice-president of real estate development at Broccolini. “We strongly believe in the long-term potential of this neighbourhood. Repositioning The Riv as purpose-built rental allows us to move forward with a project that responds to Toronto’s evolving housing needs while reinforcing our commitment to building in the city.”

The Riv adds to Broccolini’s growing portfolio in Toronto, where the Montreal-based company continues to invest across multiple asset classes as part of its long-term strategy in Ontario.

With more than 75 years of experience, Broccolini is a fully integrated real estate firm providing investment, development, construction and property-management services across the industrial, residential, commercial and office sectors in Quebec, Ontario and beyond.