Stafford and DBS Developments are partnering on two Toronto purpose-built rental apartment projects, moving the mutual respect and friendship between the two companies’ principals into a physical manifestation.

“We've been watching a lot of their projects and they're wonderful at what they do and, while our companies have been quite different over the past several decades, our different staff and businesses almost perfectly complement each other,” Stafford president Jonathan Goldman told RENX about why he wanted DBS to be involved.

“They’re experts in rental, rental design, property management and a number of other things. We predominantly handle the construction and we work on a lot of the regulatory and finance aspects together.”

“We do construction of our projects through a third-party construction manager typically,” said DBS chief executive officer Bryan Levy in a separate interview. “So having an equity partner that's aligned on the construction front was an ideal scenario for both parties.

“We specialize in our property management and asset management services, so once we develop the property and have it completed we stay there and manage it ourselves.”

While Stafford originated both projects, Goldman and Levy said ownership of them is a 50-50 split.

11-21 Johnston Ave.

Stafford and DBS are in the late stages of receiving municipal approval for a 48-storey, 524-unit Turner Fleischer-designed building at 11-21 Johnston Ave. in the Yonge and Sheppard neighbourhood, which Goldman said is underserved from a purpose-built rental apartment perspective.

Stafford and Greybrook recently completed a nine-storey, 186-unit condominium called 181 East nearby at 181 Sheppard Ave. E., so Goldman has knowledge and appreciation of the area.

The Johnston Avenue site is comprised of an assembly of former single-family homes. It sits approximately 130 metres from the nearest entrance to Sheppard-Yonge Station, which offers connections to both the Yonge-University and Sheppard subway lines. 

The location also offers convenient access to Highway 401 and exceptional walkability to the neighbourhood's grocery and other stores, restaurants, performing arts venues, movie theatres and everyday services. It’s also close to Mel Lastman Square, an outdoor gathering place that hosts festivals, community events and a seasonal skating rink.

The developers expect to begin construction within a year.

429 Walmer Rd.

Stafford and DBS recently received approval from the City of Toronto’s Committee of Adjustment, and are now seeking site plan approval to move forward with a 27-storey building with more than 220 residences at 429 Walmer Rd., just north of St. Clair Avenue West in the prestigious South Forest Hill neighbourhood.

The site was formerly occupied by a retirement facility that had been shut down when Stafford acquired it a number of years ago.

BDP Quadrangle designed the building, which will be comprised of a nine-storey podium with landscaped terraces supporting an 18-storey tower above. 

A significant portion of the residences will have two bedrooms and a den or three bedrooms, reflecting a focus on providing larger options in a market where family-sized rental units are increasingly difficult to find. There will be no studios and some suites will exceed 1,500 square feet. 

The project will also provide nearly 13,000 square feet of indoor and outdoor amenity space, including a landscaped 5,000-square-foot courtyard at grade and an amenity terrace on the 10th floor.

The building is within easy walking distance of Forest Hill Village's boutiques, restaurants, cafés, grocery stores and everyday services while also providing convenient access to the St. Clair West subway station and the St. Clair streetcar.

Demolition of the former retirement facility will begin shortly and completion of the new building is anticipated for the spring or summer of 2030.

Previous developments near 429 Walmer

Both Stafford and DBS have experience with developments in the area around 429 Walmer and believe their new project will continue the success they’ve had with them.

Stafford and partners Lash Group of Companies and The Goldman Group developed a 23-storey, 166-unit condo at 500 St. Clair Ave. W. and a 19-storey, 155-unit condo at 530 St. Clair Ave. W. Both buildings sold out.

DBS developed 2Fifteen, a 177-unit purpose-built rental luxury apartment building at 215 Lonsdale Rd.

“We got to know the market quite well during our lease-up of 2Fifteen, which is now stabilized at 95 per cent occupancy,” said Levy. 

“Everybody in the building is enjoying the community there. So, for us, this is a natural extension of that offering in a similar area of the city with which we're familiar and we feel that we know how to best operate.”

Stafford, DBS and future developments

Toronto-based 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. Its vertically integrated platform spans land development, construction management, property management and long-term investment, with an active portfolio across residential, commercial, retail and mixed-use asset classes.

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.”