TORONTO – Ground has been broken on 255 new rental homes in Davenport, including 51 affordable homes, in a City of Toronto project that’s being undertaken alongside development partners Castlepoint Numa and Hazelview.
Located at 72 Perth Ave. at the southern part of the Junction Triangle, the project is expected to be completed by the end of 2028 and is being supported by the city’s Rental Housing Supply Program, which helps accelerate new rental construction by providing financial incentives and grants to create purpose-built rental housing, a release reads.
Approximately $16.5 million in capital funding and financial incentives is slated for 72 Perth Ave., including an indefinite deferral of all development charges, a 15 per cent property tax reduction for the purpose-built rental homes and waiving planning fees and building permit fees for the affordable rental homes.
The project will rise 18 storeys above a four-storey podium with units ranging from one to four bedrooms for long-term residents. Residents will have access to approximately 13,000 square feet of indoor and outdoor amenity space, including a fitness centre, pool, sauna, games room, children’s playroom, co-working space, guest suites and dedicated bike storage and repair facilities. Rooftop amenities will sit on the 19th floor, with additional outdoor patios on the fourth, fifth, 15th, and 17th floors.
The building is targeting Tier 3 of NECB 2020, supported by an onsite geothermal system, targeting a 50 per cent reduction in energy consumption and an 80 per cent reduction in greenhouse gas emissions versus baseline, the release states.
Castlepoint acquired the broader development site in 2008, led remediation of a former industrial property, and shaped the mixed-use district now anchored by its heritage Automotive Building and the T3 office campus, owned by Hazelview, the release adds.
Toronto City Council approved the final zoning amendment in May 2025 and demolition was completed in December 2025, clearing the way for construction.
WoodGreen Community Services will serve as the project’s affordable housing partner.
