CreateTO names partners for 931 Yonge Street housing redevelopment on City-owned land

On behalf of the City of Toronto, CreateTO is pleased to announce the selected proponents for the redevelopment of 931 Yonge Street, a City-owned Toronto Builds site identified for new rental and affordable housing.

Following a competitive market offering process led by CreateTO, MOD Developments and Montez Corporation were selected to advance the next phase of work for the site.

Located at 931 Yonge Street, this project will unlock public land to deliver much-needed rental homes in a highly transit-connected corridor.

The proposed development is expected to deliver 272 new rental homes, including 90 affordable rental homes. Construction is anticipated to begin in 2027.

Download renderings of the project here.

All renderings subject to change as the project proceeds through the approvals process.

This milestone marks an important step in transforming 931 Yonge Street into a mixed-income residential development that supports the City’s housing objectives while making better use of City-owned land.

“We're excited to be partnering with MOD Developments and Montez Corporation to bring 931 Yonge Street to life. Together, we will build a complete community where more people can live close to transit, services, jobs and everything that makes Toronto such a great place to call home.” 
- Vic Gupta, CEO, CreateTO

The site was one of eight City-owned properties identified as opportunities to unlock value, address City needs and support broader city-building objectives.

 “Delivering more rental and affordable housing in well-connected communities is a key priority for the City of Toronto. Projects like 931 Yonge Street are an important part of our work to increase housing choice, support affordability and create complete communities across the city.”

– Hugh Clark, Executive Director, Housing Development Office

931 Yonge Street is located less than 150 metres from Rosedale Station on the TTC’s Line 1 subway, providing convenient access to downtown Toronto, Line 2 at Bloor Station and nearby amenities along Yonge Street. The site’s central location supports a walkable, transit-oriented development that can bring new housing options to an established neighbourhood.

“We’re very proud to be working with the City and CreateTO on this exceptional project. It is a great example of how the City and private developers can collaborate to deliver much-needed affordable housing while maintaining a strong commitment to architectural and suite design excellence at the highest sustainability standards. We’re confident that our future residents will be proud to call this outstanding building home, in one of the city’s most vibrant and desirable neighbourhoods.”

- Gary Switzer, CEO, MOD Developments Inc.

“Montez Corporation, through its development platform, Montez Development Corporation, is excited to partner with the City of Toronto, CreateTO and our co-development partner, MOD Developments, on this transformative project at 931 Yonge Street. This partnership demonstrates what can be achieved when the public and private sectors work together to invest in and deliver thoughtfully designed, sustainable rental housing in transit-connected communities. We look forward to helping create a vibrant, inclusive community that will serve Torontonians for generations to come.”

- Christian Kieller, SVP Development, Montez Corporation

Further project details will be shared as agreements are finalized and the redevelopment advances through the appropriate approvals processes. 

Learn more on the 931 Yonge project page. 

About CreateTO

CreateTO was formed in 2018 as the City of Toronto’s real estate agency. The organization brings together stakeholders, partners and community members to ensure the best use of the City’s real estate assets for today and tomorrow. CreateTO manages the City’s $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers client focused real estate solutions – ensuring a balance of both community and economic benefits to build the city we love.  

About Toronto Builds 

The Toronto Builds Policy Framework establishes a consistent approach to guide the redevelopment of land owned by the City of Toronto, its agencies and corporations to build new affordable rental homes. This framework harmonizes policies from previous City programs, and creates a strong focus on building a range of rental homes within complete communities while maintaining ownership of public land. 

Projects under the Toronto Builds Framework will: 

• Prioritize retention of public land to create mixed-income, complete communities with diverse housing options including family-sized and accessible homes. 

• Deliver a range of new rental homes, including rent-geared-to-income homes, and at least 30 per cent of new homes across the Toronto Builds portfolio as affordable rental. 

• Create new rent-geared-to-income homes with at least 20 per cent of affordable units per project made available for tenants in receipt of housing benefits. 

• Ensure new affordable homes meet the City’s income-based definition for a minimum of 40 years. 

• Grow the capacity of the community housing sector by prioritizing non-market ownership and operations of new homes. 

• Create community benefits targets for local and diverse hiring and procurements. 

Learn more: https://www.toronto.ca/community-people/housing-shelter/building-affordable-homes/housing-initiatives/toronto-builds/  

About the Partners 

MOD Developments Inc. (“MOD”) is a fully integrated urban residential development platform founded in Toronto in 2009 by Gary Switzer (CEO) and Noorez Lalani (President), with dedicated in-house capabilities across origination, entitlements, design, construction, financing, and disposition. MOD’s current and forward-looking strategic focus is purpose-built rental housing in Toronto’s most supply-constrained urban submarkets. Since inception, the firm has delivered seven projects comprising of 3,315 homes. 

Co-founded in 2002, Montez is an integrated multi-asset investment, development, and asset manager investing on behalf of private equity and institutional capital. The company is headquartered in Toronto and operates in markets Canada-wide across multiple asset classes including office, retail, industrial, residential, and mixed-use projects. Montez has over 27 million square feet of assets under management, including 9.8 million square feet of development projects.