Adrian Rocca sees a pressing need in Toronto’s housing market. Growing families and downsizers looking to rent have few options. While thousands of shoebox condo units are sitting in the Toronto market waiting to be snatched up, they’re too expensive and small, unable to accommodate the specific needs of these renters.
That’s why Rocca, the CEO of purpose-built rental developer Fitzrovia, is excited to bring new supply to the market that he says caters to the needs of Toronto’s aging population and families searching for stable rental housing, as a growing number are unable to afford property within the city.
Fitzrovia is currently completing a three-tower rental complex close to Dufferin Street and Highway 401, just steps away from Yorkdale Shopping Centre and subway station. Called Sloane, named for Rocca’s time in the U.K. (Sloane Square is a famous London retail and dining destination drawing on parallels with Yorkdale mall), the development will be made up of 758 units that will be majority either two- or three-bedroom units and townhomes designed for downsizers and young families.
The first tower is set to be complete in March, with the other two towers slated to come to market by the end of summer. Pre-leasing of the units launched a few weeks ago, Rocca said.
“These renters in the market have been alienated with the highrise product, which is geared toward one-bedrooms and smaller studios,” Rocca said in an exclusive interview on the development with the Star. “It’s meant there’s this interesting gap in the market, and we can help feed that gap.”
Canada has an aging population, with seniors aged 65 and older expected to make up nearly 23 per cent of the population by 2030, according to Statistics Canada. The number of renter households aged 55 to 74 in mid- and highrise units in Toronto has grown by 65 per cent over the past two decades, according to a City of Toronto report.
In two of the towers, the units will include accessibility features for seniors, such as bathrooms with lowered and adjustable fixtures, wider doorways, and expansive layouts for family gatherings. Residents can also access complimentary virtual health-care services on-site through Cleveland Clinic Canada — residents must sign up for the service but they have access to doctors and nurses to diagnose up to 120 common ailments from a virtual health-care room in the building. The cost of the service is included in the rent.
For families, aside from larger units and long-term housing stability, the development will also have a city-run daycare centre in the building and Fitzrovia’s in-house daycare and early childhood centre, Bloomsbury Academy, offering education for children aged 18 months to six years old.
The daycares are available to the wider community, with Bloomsbury Academy offered to residents of the building at a discounted rate.
“The amenities we have in place are really unique,” Rocca said, adding the premium fitness facility, yoga studio, coworking spaces, sauna and cold plunge, and indoor basketball court, which was designed in partnership with the Raptors, offer residents exclusive resources.
The high-end amenities and larger units come with a hefty price tag. Two-bedroom rent is around $3,500 and three-bedroom rent is $4,500 or more, which is in line with average rents for new builds. According to the Building Industry and Land Development Association (BILD), rents for two- and three-bedroom units in new builds vary based on location, unit size, parking and amenities, and range between $3,500 and $4,500 monthly.
However it is above market rent, which for a two-bedroom in Toronto is less than $3,100 and more than $3,700 for a three-bedroom, according to the December 2024 report from Rentals.ca.
Rocca argues the higher rent for purpose-built units compared to market rent, is higher because of the high-end quality finishes, and amenities packages built in, while the short-term profitability of purpose-built rentals are harder to achieve than condos, as the units are not sold off to individuals and investors, which means the return on investment is decades in the making.
“We’re making a call on the long-term income stream of these assets to bring critical supply to the sector,” Rocca said.
To date, Fitzrovia has 8,800 units completed, acquired or under development in Toronto and Montreal, which Rocca says is just the beginning.
“There’s still seems to be a negative stigma around renting, which we’re hoping to eliminate over time,” he said. “Our product is fundamentally different and it gives people pride in renting. We’re here to lead the charge in that change of optics.”
