Stafford and Deveraux Group of Companies have revealed a strategic development partnership– and their first joint task is currently 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 actually already started on the site, which sits steps from Bathurst Subway Station and within strolling distance of the University of Toronto, Koreatown, and the area’s retail and cultural corridors. For Deveraux– a fully incorporated real estate organization headquartered in Calgary with more than 6,000 rental units developed and managed nationally– the deal marks a significant action in its growth into Ontario. And for Toronto-based developer Stafford, with more than 60 years of GTA residential experience, the collaboration includes a skilled purpose-built leasing operator to its platform.” We are thrilled to have the chance to fulfill the need for brand-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 leasing, integrated with our deep understanding of the Toronto market well positions us to provide tasks that respond to Toronto’s growing requirement for top quality rental real estate and deliver on our shared commitment to quality, long-term ownership, and disciplined residential advancement. “Denis Jones, President & CEO of Deveraux Group, pointed to the complementary strengths of both firms.”
Stafford’s enduring existence in the city and tested development track record, integrated with our experience delivering and managing top quality rental communities, develops a strong structure for long-lasting success.”The 914 Bathurst task will consist of 115,470 sq. feet of domestic space, with a suite mix created to accommodate trainees, young experts, and families. Approximately 8,000 sq. ft of indoor and outside facility space is prepared, spread out across a ground-floor resident lounge, a second-floor health club and yoga studio, and a rooftop featuring an indoor party room and outdoor balcony with outdoor cinema programming. The building will likewise consist of 715 sq. feet of ground-floor retail and two levels of below-grade parking.The task will include a geothermal cooling and heating system, utilizing stable underground temperatures to deliver year-round environment control while
lowering greenhouse gas emissions and long-term energy consumption.Goldman positioned the task– 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 attending to Toronto’s housing lack and price obstacles. These factors, combined with population development will just increase need for well-located, transit oriented housing, like that which we are developing at 914 Bathurst.”914 Bathurst is the very first of what the partners refer to as a robust pipeline of purpose-built rental communities in essential city places throughout the GTA.