- What Forum Asset Management has filed plans for a 223-unit student housing project near Toronto Metropolitan University
- Why The site was previously approved for a 15-storey rental building
- What next The plans will go to City Council for approval
Forum Asset Management is eyeing a site in Toronto’s East End for an 18-storey student housing development.
The property, at 307 Sherbourne Street, has the potential to serve two postsecondary institutions. It is 700 m east of Toronto Metropolitan University and 1 km north of George Brown College’s St. James campus.
Forum acquired the site in July 2021 after the previous owner, developer Oben Flats, received zoning approval for a 15-storey, 112-unit apartment building. Forum has since shifted the plans to student housing, raising the number of storeys by three, reducing the average unit size to 320 sq ft from 870 sq ft and upping the number of units to 223.
“Student housing is a cornerstone of Forum’s portfolio, making this project a strategic addition,” Aly Damji, Forum’s managing partner of real estate, told Green Street News. “Situated near major university and college campuses downtown, it directly addresses the nationwide shortage of purpose-built student accommodations, meeting a critical need in a high-demand market.”
Roughly 70% of the units will be studios under 300 sq ft, something Damji says is “a first of its kind in Toronto.” The remainder will be 25 studios over 300 sq ft, nine one-bedroom, 22 two-bedroom and 11 three-bedroom units.
The project would also include the construction of 690 sq m of indoor and outdoor amenity space, as well as a new private driveway along the south property line.
Damji notes that although students are the focus of the development, Forum is considering renting to nonstudents as well.
“This approach is particularly relevant given that young professionals in Toronto currently spend approximately 42% of their income on new-build apartments when factoring in the cost of furnishings and utilities,” Damji said.
Forum is in discussions with nearby schools to explore potential partnerships, but nothing has been finalized.
The development plans are now awaiting approval from Toronto’s City Council. Construction is expected to be completed in 2027, with occupancy scheduled for the start of the 2027-28 school year.
