Modcity to Develop New Rowplex Rental Community in Toronto
We’re proud to announced the acquisition of a new development site in Toronto, where we will develop and construct a 10-unit boutique rental community. The project will consist of a double fourplex severance, complemented by joint garden suites located at the rear of the property. This configuration represents a modern, efficient interpretation of the multiplex model—tailored specifically for Toronto’s evolving infill landscape.
The upcoming development highlights Modcity’s commitment to delivering smart density through high-quality, purpose-built rental housing. With continued housing demand and limited new rental supply in Toronto, this project aligns with the city’s housing intensification goals and meets a growing need for mid-scale urban residential solutions.
The site will be entitled and developed under an expedited timeline. The pre-construction phase—covering design development, drafting, Committee of Adjustment minor variance applications, severance and consent approvals, and building permit acquisition—is projected to span eight months. Construction is expected to take 10 months from permit issuance to occupancy, representing a delivery timeline approximately 30 percent faster than market norms. Modcity financially guarantees this timeline to investors, reinforcing its reputation as a reliable, efficient, and low-risk Toronto builder in the infill housing space.
The project targets an internal rate of return (IRR) of 43 percent over a 22-month investment period. Permanent financing will be facilitated through CMHC’s MLI Select program, enabling favorable long-term debt solutions for the stabilized asset. As with all Modcity projects, the team will oversee every stage of development—managing acquisition, entitlement, construction, and financing under one vertically integrated platform.
Beyond its investment and housing merits, the site carries a unique personal history. The previous owners of the home were Tom Colley and his son Kevin Colley—Canadian professional ice hockey centres. Tom and Kevin both played in the NHL, for the Minnesota North Stars in the 1970s and the New York Islanders in the 2000s, respectively. The New York Islanders presented Kevin Colley with the Bob Nystrom Award, an award given to the player who “best exemplifies leadership, hustle, and dedication”.
With this development, Modcity continues to advance its mission of delivering housing that is financially sound, architecturally thoughtful, and socially relevant. In a city increasingly defined by its housing challenges, projects like this represent a way forward—demonstrating how small-scale, high-efficiency fourplex and multiplex solutions can help shape the future of Toronto’s urban form.
For more information on this project or investment opportunities, visit www.modcity.ca.