Stafford and DBS Developments are partnering on two purpose-built rental apartment projects in Toronto, turning the mutual respect between the companies’ principals into physical developments. “We’ve been watching a lot of their projects and they’re wonderful at what they do,” Stafford president Jonathan Goldman said. “While our companies have been quite different over the past several decades, our different staff and businesses almost perfectly complement each other.”
Goldman highlighted that DBS excels in rental design, property management, and other areas, while Stafford focuses on construction and regulatory and financial aspects. “We do construction of our projects through a third-party construction manager typically,” DBS CEO Bryan Levy explained. “So having an equity partner that’s aligned on the construction front was an ideal scenario for both parties.”
48-Storey Rental Project in Yonge-Sheppard
The partnership is a 50-50 ownership split on both projects, which originated from Stafford. The first project, a 48-storey, 524-unit building designed by Turner Fleischer, is located at 11-21 Johnston Ave. in the Yonge and Sheppard neighbourhood. Goldman noted the area is underserved from a purpose-built rental perspective. The site, an assembly of former single-family homes, sits approximately 130 meters from Sheppard-Yonge Station, connecting to both the Yonge-University and Sheppard subway lines. The location offers access to Highway 401 and is walkable to grocery stores, restaurants, and Mel Lastman Square, a hub for community events.
27-Storey Family Units at Walmer Road
Stafford and Greybrook recently completed a nine-storey, 186-unit condominium, 181 East, nearby at 181 Sheppard Ave. E., giving Goldman familiarity with the area. Construction is expected to begin within a year. The second project, approved by the City of Toronto’s Committee of Adjustment, is seeking site plan approval for a 27-storey building with over 220 residences at 429 Walmer Rd., in South Forest Hill. The site, formerly a retirement facility acquired by Stafford years ago, was designed by BDP Quadrangle. It features a nine-storey podium with landscaped terraces and an 18-storey tower above.
The Walmer Rd. project emphasizes larger units, with many two-bedroom and den or three-bedroom residences, addressing the scarcity of family-sized rentals. No studios will be included, and some suites exceed 1,500 square feet. Nearly 13,000 square feet of indoor and outdoor amenity space includes a 5,000-square-foot courtyard at grade and a 10th-floor terrace. The development is near Forest Hill Village and St. Clair West subway station, with easy access to the St. Clair streetcar. Demolition of the former retirement facility will begin shortly, with completion targeted for spring or summer 2030.
Both companies have experience with developments in the area around 429 Walmer. Stafford and partners developed two condos at 500 and 530 St. Clair Ave. W. DBS’s 2Fifteen, a 177-unit luxury rental at 215 Lonsdale Rd., is stabilized at 95% occupancy. Levy noted the team’s familiarity with the market from that lease-up. Stafford is a fully diversified private real estate development, construction and asset management company with more than 60 years of experience across Canada and the United States. Toronto-headquartered DBS is a fully integrated real estate development company specializing in designing, developing, constructing and managing purpose-built rental properties.
Like Stafford, it also has more than 60 years of development and management experience. Stafford and DBS continue to pursue opportunities to bring more rental residences to established Toronto neighbourhoods where demand remains strong. “I’m clearly passionate about the rental business, as we’ve been building rental buildings for a number of years now at DBS,” said Levy. “We feel very strongly about the market conditions at the time that we’ll be ready to lease up these (Johnston and Walmer) projects.” “We’re not looking to build and flip anything,” said Goldman. “The more that we can hold, the better. We have a deep belief in the future and growth of the city of Toronto.”
