What the Approval of 164-168 Isabella Street Means for Toronto Rental Housing
Author: Alain Cogan
Toronto needs more rental housing near transit, schools, jobs, parks, and everyday services.
Our project at 164-168 Isabella Street, developed with our partner Elysium Investments, is designed around that principle. Toronto City Council approved the Official Plan and Zoning By-law Amendments for the site this summer, helping us move forward with plans for a 70-storey residential building with 599 rental homes.
The 599 homes include 50 rental replacement units and a mix of apartment sizes to serve different households.
Building Where Transit Already Exists
The property is approximately a five-minute walk from Sherbourne Station. Wellesley Station and Bloor-Yonge Station are also within walking distance.
That access to public transit strongly influenced our approach to the site.
The building will have no residential parking garage. Instead, the project includes 369 bicycle parking spaces.
Its proximity to existing transit infrastructure gives residents practical alternatives for getting around Toronto. It also means we can add new housing without the car traffic that often comes with development.
Creating Different Types of Rental Homes
The approved development includes 70 studio apartments, 287 one-bedroom units, 181 two-bedroom units, and 61 three-bedroom units. The average apartment will be roughly 707 square feet.
Having a range of unit sizes matters when developing rental housing in downtown Toronto. People have different housing needs, and larger apartments can give families more options to live in urban neighbourhoods.
The site is also close to the University of Toronto, Toronto Metropolitan University, and George Brown Polytechnic. Its location gives future residents access to several major educational institutions as well as the employment, retail, and services found throughout the surrounding neighbourhood.
Protecting Existing Tenants
Adding new rental homes also means taking responsibility for the rental housing that already exists on a property.
Our plans include replacement units for 38 existing rental households and provide eligible dwelling-room tenants the right to return under protected terms.
This is central to the project, not an add-on.
The goal is to add substantial new rental housing while supporting the people who already call the property home.
Protecting Isabella Street’s History
The project also allows us to preserve important elements of Isabella Street’s history.
Two heritage buildings at 164-166 Isabella Street and 168 Isabella Street will be moved, restored, and incorporated into the base of the new tower.
Heritage conservation requires careful planning. These buildings are part of the neighbourhood’s character, and we want their architectural presence to remain prominent as the area gains new housing.
The project will also include roughly 27,000 square feet of indoor and outdoor amenity space. The design includes sustainability measures to meet the Toronto Green Standard.
Building More Housing in an Established Community
I believe Toronto’s housing needs require us to make smarter use of the neighbourhoods and infrastructure we already have.
164-168 Isabella Street provides an opportunity to add hundreds of purpose-built rental homes close to transit, schools, jobs, and established community services. It also helps us address rental replacement and heritage conservation within the same development.
For Oikoi Living, that combination is especially important. We are focused on creating rental housing that works for residents over the long term, while also contributing to the communities where we build.
The approval at Isabella Street is an important milestone. We look forward to the next phase.
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