Steps from Rosedale Station, a residential development site has been listed by Cushman & Wakefield, offering prospective developers a 99-year land lease to develop the City-owned site through CreateTO’s ModernTO initiative.
931 Yonge Street is one of eight properties identified by CreateTO that have been or will be marketed for sale, all of which are deemed “high-value” sites located within close proximity to higher-order transit. The other seven sites include 610 Bay Street, 277 Victoria Street, 33 Queen Street E., 75 Elizabeth Street, 1900 Yonge Street, 18 Dyas Road, and 95 The Esplanade.
Launched under former Mayor John Tory in 2019, the ModernTO program aims to reduce the City’s office footprint while unlocking an estimated land value of $450 million for “city-building purposes, including the delivery of affordable housing, City services and other priorities,” according to the City of Toronto.
“The City of Toronto has set ambitious housing goals to meet the challenges of our time,” Chief Development Officer at CreateTO, Michael Norton, tells STOREYS. “CreateTO is working diligently to advance projects like 931 Yonge Street, which will repurpose a City asset into much-needed housing, including affordable rental homes, to meet Council’s targets. 931 Yonge is just one of the residential opportunities CreateTO currently has in market, with more to follow in the coming months.”
The property is located on the corner of Yonge Street and Aylmer Avenue in the coveted Midtown neighbourhood of Rosedale, home to fine dining, a wealth of retail options, and lush green spaces like Ramsden Park and the Rosedale Ravine. “The area is known for its upscale charm, with boutique shops, cafes, and fine dining along Yonge Street, blended with heritage buildings and new developments,” reads Cushman & Wakefield’s brochure, adding that close proximity to Yorkville, the University of Toronto, and the downtown core also boosts the site’s appeal.
Specs:
Currently the site is occupied by the head office for the Toronto Community Housing Corporation (TCHC), but Council approval was granted in April 2024 for a Zoning By-Law Amendment (ZBA) application to permit a 32-storey purpose-built rental tower with 250 residential units, 33% of which (75 units) are proposed to be affordable, and 1614 sq. ft of commercial space, pending a successful Site Plan Approval (SPA) application. Plus, the site has been exempt from underground parking requirements, “enhancing design and construction efficiency,” reads the brochure.
Designs for the proposed development come from Zeidler Architecture and envision a sleek white tower atop a darker podium element with large windows at grade.
On top of coming ready with ZBA approval, the future developer would benefit from the long-term land lease structure, which reduces upfront costs. Costs would be further minimized by incentive installed via the Toronto Builds Policy Framework approved this May to help deliver more rental housing options on City land.
As a purpose-built rental project on City land, the development planned for 931 Yonge Street could take advantage of incentives for affordable housing units like the exemption of development charges, parkland dedications, application and permit fees, and property taxes (the latter pending Council approval). Additionally, upon filing the required SPA, the application would undergo expedited review via the City’s Priority Development Review Stream.
This offer comes to market at a decent time and place within the City of Toronto, with the Greater Toronto Area (GTA) posting a vacancy rate of 3.5% as of Q1 2025, which Cushman & Wakefield notes is “relatively balanced.” Meanwhile, says the firm, the surrounding area poses “little competitive product.” The brochure compares 931 Yonge to nearby development The Ivy, which is an upscale rental building that currently has a vacancy rate of just 2.2% and average rents ranging from $5.13 to $5.72 per sq. ft.
Combining location, proximity to transit and amenities, and several time and cost advantages on the permit application and project feasibility side of things, this offer represents a promising opportunity to deliver market rate and affordable rental housing to one of Toronto’s most vibrant neighbourhoods.