A major project near Main Street and Danforth Avenue in Toronto was recently sold to a new developer who intends to turn it into a high-rise rental community.
In a press release, Toronto-based Slate Asset Management and Carlyle Communities announced that they had sold the jointly-owned three-acre development site at 6 Dawes Road to Fitzrovia Real Estate. The transaction closed last month.
Located near the Danforth GO Train and TTC Main Street stations, the Dawes Road site has been rezoned for high-rise residential use by Slate Asset Management. Fitzrovia plans to turn the site into a “premier rental community,” with approximately 1,000 units, according to the release. Construction is expected to be complete in early 2026. The land is currently occupied by a self-storage facility.
“We are proud to bring to life another major rental project for the City of Toronto,” said Adrian Rocca, founder and CEO of Fitzrovia, in the press release. “This development will directly target young families and downsizers who continue to seek very limited options in the market.”
Fitzrovia, which specializes in purpose-built rental communities, is known for its work on The Waverley, which was formerly home to popular live-music venue, The Silver Dollar Room. Leasing at The Waverly started a little over a year ago.
Slate Asset Management is the developer behind the highly-anticipated One Delisle project in Deer Park, while Carlyle Communities is working on Residences on St. Clair West.
More details available on Fitzrovia’s website show that 6 Dawes Road will include three Class-A purpose-built rental buildings that will top out at 29, 39 and 37 storeys. The towers would offer “a comprehensive amenity package, premium suite finishes and details, and hotel-quality service.” Future residents would be able to access a 24/7 concierge, dry-cleaning and dog grooming services, a Montessori school, plus instructor-led fitness classes.
Fitzrovia also intends to implement a range of ESG initiatives into the project, including a public park, water retention and re-use programs and lower window-to-wall ratios for lower energy consumption.
Slate Asset Management and Carlyle Communities acquired 6 Dawes Road in 2019, and began the entitlement process to rezone the land into a high-rise, mixed-use residential development later that year. Through private mediation with the City of Toronto, neighbouring landowners and local agencies, the developers said in the release that they reached a settlement offer in late 2021 that allowed for roughly 1.1 million square feet of buildable density at the site.
According to details on the City of Toronto’s online development application portal, the initial 2019 plans for the 6 Dawes Road site included three towers with heights of 40, 46 and 49 storeys, inclusive of 1,425 residential units. Revised plans were later submitted for two buildings with four residential towers ranging from 19 to 46 storeys with 1,467 units.
“From the outset, we saw 6 Dawes [Road] as an exciting city building opportunity, recognizing the site’s potential to become a vibrant residential hub providing a range of housing options, invaluable connectivity and premium amenities,” said Lucas Manuel, partner at Slate, in the release.
“We took a creative, partnership approach to a complex project, working in collaboration with various stakeholder groups to bring to bear a truly unique residential development site that will soon provide an entirely new class of rental product,” he added.
