Stafford and Deveraux Group of Companies have announced a strategic development partnership — and their first joint project is already underway.
The pair announced Thursday that they're co-developing a 12-storey, 159-unit purpose-built rental building at 914 Bathurst Street in The Annex.
Demolition has already begun on the site, which sits steps from Bathurst Subway Station and within walking distance of the University of Toronto, Koreatown, and the neighbourhood's retail and cultural corridors.
For Deveraux — a fully integrated real estate organization headquartered in Calgary with more than 6,000 rental units developed and managed nationally — the deal marks a significant step in its expansion into Ontario. And for Toronto-based developer Stafford, with more than 60 years of GTA residential experience, the partnership adds a seasoned purpose-built rental operator to its platform.
"We are thrilled to have the opportunity to meet the need for new rental housing in Toronto and to do so with our new partners at Deveraux," Jonathan Goldman, President of Stafford, said in a release. "Deveraux's national experience in purpose-built rental, combined with our deep understanding of the Toronto market well positions us to deliver projects that respond to Toronto's growing need for high-quality rental housing and deliver on our shared commitment to quality, long-term ownership, and disciplined residential development."
Denis Jones, President & CEO of Deveraux Group, pointed to the complementary strengths of both firms. "Stafford's long-standing presence in the city and proven development track record, combined with our experience delivering and managing high-quality rental communities, creates a strong foundation for long-term success."
The 914 Bathurst project will include 115,470 sq. ft of residential space, with a suite mix designed to accommodate students, young professionals, and families. Approximately 8,000 sq. ft of indoor and outdoor amenity space is planned, spread across a ground-floor resident lounge, a second-floor gym and yoga studio, and a rooftop featuring an indoor party room and outdoor terrace with outdoor cinema programming. The building will also include 715 sq. ft of ground-floor retail and two levels of below-grade parking.
The project will incorporate a geothermal heating and cooling system, using stable underground temperatures to deliver year-round climate control while reducing greenhouse gas emissions and long-term energy consumption.
Goldman situated the project — and purpose-built rental broadly — within the context of the city's ongoing housing challenges: "Purpose-built rental housing, now, more than ever, is critical to addressing Toronto's housing shortage and affordability challenges. These factors, combined with population growth will only increase demand for well-located, transit oriented housing, like that which we are creating at 914 Bathurst."
914 Bathurst is the first of what the partners describe as a robust pipeline of purpose-built rental communities in key urban locations across the GTA.
