Stafford and DBS Developments have announced a partnership to create two new purpose-built rental apartment projects in Toronto, as reported by RENX. This collaboration reflects a strong mutual respect and friendship between the principals of both companies.
Details of the Partnership
Stafford president Jonathan Goldman expressed his admiration for DBS, stating, "We've been watching a lot of their projects and they're wonderful at what they do." He noted that while the companies have operated differently over the years, their staff and business models complement each other well. Goldman highlighted that Stafford primarily handles construction, while DBS excels in rental design and property management.
DBS chief executive officer Bryan Levy added, "Having an equity partner that's aligned on the construction front was an ideal scenario for both parties." This collaboration aims to leverage each company's strengths, with Stafford focusing on construction and regulatory aspects, while DBS manages the properties post-development.
Upcoming Projects
The partnership is currently in the late stages of receiving municipal approval for a 48-storey, 524-unit building at 11-21 Johnston Ave. in the Yonge and Sheppard neighbourhood. Goldman noted that this area is underserved in terms of purpose-built rental apartments. The site, located approximately 130 metres from Sheppard-Yonge Station, will offer residents convenient access to both subway lines and nearby amenities.
Additionally, Stafford and DBS are seeking site plan approval for a 27-storey building with over 220 residences at 429 Walmer Rd., just north of St. Clair Avenue West. This site was previously occupied by a retirement facility, and the new development will feature a nine-storey podium with an 18-storey tower above. A significant portion of the units will include two bedrooms and a den or three bedrooms, catering to the growing demand for family-sized rental units.
Both projects are designed to enhance the living experience in their respective neighbourhoods, with ample amenity space. The Walmer Rd. project will include nearly 13,000 square feet of indoor and outdoor amenities, such as a landscaped courtyard and a terrace on the 10th floor.
Market Context and Future Outlook
Goldman and Levy are optimistic about the rental market in Toronto, with both companies expressing a commitment to long-term ownership rather than short-term flipping of properties. They believe that the demand for rental housing in established neighbourhoods will continue to grow, and they are dedicated to meeting this need.
As experienced developers, Stafford and DBS have a proven track record in the area, having successfully completed several projects nearby. Their combined expertise positions them well to navigate the complexities of the Toronto real estate market.
For prospective buyers and investors, it is essential to conduct thorough due diligence when considering new developments. Understanding the specifics of the agreement, deposit timing, and obtaining professional advice can significantly impact investment decisions.
As the GTA's pre-construction landscape evolves, staying informed about new projects like those from Stafford and DBS is crucial for making educated choices in the real estate market.
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