- What A three-way partnership has proposed a 213-unit purpose-built rental development in Etobicoke after initially envisioning it as condominiums
- Why The transforming Queensway neighbourhood and incentives to build rental have created an opportunity for developers
- What next Site plan and minor variance approvals need to be obtained
A Toronto development originally envisioned as condominiums has pivoted to rental amid declining pre-construction sales in the Greater Toronto Area and increasing government incentives for purpose-built rentals.
A three-way partnership between Leader Lane Developments, Elm Developments and Zanchin Automotive Group have proposed a nine-storey building at 1156 The Queensway in Etobicoke — an area that has seen rapid development in recent years. The property would have 213 units and 365 sq m of ground-floor retail space. Plans were submitted to the City of Toronto in early April.
Zanchin purchased the 0.67-acre site, home to a shuttered Mercedes-Benz dealership, in March 2022 for $10m. The land title is expected to transfer in June to a new limited partnership between the developers and Zanchin.
“We were interested in purchasing the property on our own to complete a new residential development as an offshoot of our program of infill, mid-rise residential buildings within Mimico,” Leader Lane founding partner Don Manlapaz told Green Street News. “In negotiating a land purchase with the vendor, we actually creatively structured a partnership model.”
Leader Lane will act as the primary development sponsor and development manager, while Elm Developments will take the lead on construction.
The partnership chose to move away from an initial vision of a condo development not only because of market conditions and enticing financial incentives — like Canada Mortgage and Housing Corp.’s MLI Select program, through which they are seeking financing — but also in light of the critical shortage of rental housing in the city, Manlapaz explained.
“We pride ourselves on being community builders and really creating additive developments in the communities that we participate in, and there’s a need for rental housing,” he said.
Plans call for units ranging from studios of nearly 500 sq ft to three-bedroom suites up to 967 sq ft. By Toronto standards, those units are on the roomier side — part of an intentional design choice to maximize space, Manlapaz said.
The building would have 852 sq m of indoor and outdoor amenity space, including a green roof, a terrace, a pet relief area and gym.
By keeping the building height to nine storeys and seeking a minor variance rather than a full rezoning, which can take years to obtain in Toronto, the developers expect they will be able to complete the project more quickly. They are aiming to start remediation of the site by the fall, with above-grade construction beginning by next summer.
This development is the latest in a string of new builds set to transform the Queensway neighbourhood. Along the roughly 1-km stretch of The Queensway between Islington Avenue and Kipling Avenue, there are eight proposed or under-construction developments. Developments fronting onto The Queensway range from 10 to 17 storeys, while those closer to the Gardiner Expressway reach up to 42 storeys.
The area is close to both the Mimico GO station and several TTC lines.
