- What Arkfield Development changed its plans for a Toronto condominium tower to purpose-built rental
- Why It’s the latest developer to make the switch amid a lagging condo market
- What next The revised plans are awaiting Toronto City Council approval
Arkfield Development is the latest builder to rework a proposed condominium project into purpose-built rental.
Late last month, Arkfield resubmitted plans for Hickory Tree Tower, a northern Toronto high-rise at 1736-1746 Weston Road, changing all residential units into rentals. The development received approval from the Toronto City Council in December as a condominium project.
The updated plans are somewhat scaled down, decreasing the building height to 38 storeys from 40 storeys and the unit count to 420 from 446. Underground parking spaces increased to 151 from 139.
The unit mix includes one- to three-bedroom suites. Planned amenities include a pet spa, a lounge and a terrace. The ground floor will contain over 370 sq m of retail space.
The development site, occupied by low-rise commercial buildings, is 400 m from the Weston GO and UP Express stations, making it a prime high-density, transit-oriented development opportunity.
Arkfield has applied to the Canada Mortgage and Housing Corp. for financing and expects to begin construction in late 2025. The revised development plans are awaiting approval from the Toronto City Council.
An increasing number of Toronto-area developers are changing condo plans to purpose-built rentals amid a stagnant preconstruction condominium market. A recent report from real estate data firm Urbanation found that in the third quarter, 1,111 condo units in the Greater Toronto and Hamilton Area were converted to purpose-built rentals.
Last month, developer Dawson Wales pivoted on a previously approved 136-unit Toronto project from condo to rental as part of a “commitment to building lasting value for … stakeholders.”
