Major new rental coming to Yonge and Sheppard

Stafford and DBS Developments to build of a 48-storey rental tower at 11-21 Johnston Ave. that will contain upwards of 524 rental units.

Author of the article:

Paul Barker  •  Special to Postmedia Network

Published Jul 10, 2026  •  2 minute read

Last month, Stafford and DBS Developments announced their first joint venture with the build of a 48-storey rental tower at 11-21 Johnston Ave. that will contain upwards of 524 rental units.

An area of the Toronto that has been deemed by two developers as being “one of the most underserved rental nodes in the city” will shed that label thanks to a new structure planned for the Yonge St. and Sheppard Ave. district.

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Last month, Stafford and DBS Developments announced their first joint venture with the build of a 48-storey rental tower at 11-21 Johnston Ave. that will contain upwards of 524 rental units totaling an estimated 350,709 sq. ft. of residential space.

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Bryan Levy CEO of DBS, a company which designs, develops, constructs and manages condo residences and rental properties, said that “as demand for professionally managed rental housing continues to grow, it is increasingly important for experienced developers and operations to deliver projects that are built for the long term.”

Nathaniel Pace, senior vice president of development and investments at Stafford said that the company has been “bullish on the North York market for many years.. We recently completed our 181 East (condo) project at Willowdale and Shepherd. We were eager to continue building in North York, which we see as one of Toronto’s most dynamic and rapidly evolving communities.

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“And this project and property in particular immediately stood out. We believe it’s a compelling opportunity to deliver much needed perfect fill rental housing in a highly walkable, transit-oriented neighborhood.”

The site,offers convenient access to Hwy. 401 and the ability to walk to an assortment of amenities “including grocery stores, shopping, restaurants, performing arts venues, movie theatres, and everyday services.”

As for the partnership between the two organizations Pace said DBS has been developing rental communities for several decades. Stafford, meanwhile, has developed, rental communities in the past, but in the last few years, been more focused on for-sale product.

“With that said, Toronto is facing a significant housing supply challenge, which we think is going to be exacerbated in the coming years with condo completions falling off a cliff with virtually no completions projected beyond 2029,” Pace added.

“We think this purposeful rental housing is a critical part of that solution, and we want to be partnered with kind of top-tier groups to bring these purposeful rental projects to life.”

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According to a rezoning application submitted to the city the building will provide a mix of one-bedroom, two-bedroom, and three-bedroom units. The building will also provide retail at grade.

In addition, a “paved access from Johston Ave along the east property line will be provided, leading to two levels of below-grade parking, providing a total of 51 parking spaces; as well as 208 bicycle parking spaces.

“Additionally, the proposed development provides 1,050.90 square metres of indoor amenity space and 525.90 square metres of outdoor amenity space.”

In terms of the split between parking spaces and bike spaces, Pace said that “we’re cognizant that in any of our buildings that there is still demand for people who do have cars.

“It’s really finding that balance about trying to lean into this kind of transit-oriented walkable site, while also acknowledging the reality that not everyone is walking and taking the subway.”

As for additional projects between the two companies, Pace said a “number of opportunities” are being explored.

Construction of 11-21 Johnston Avenue is expected to get underway sometime next year.

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