Hazelview Investments and Sierra Corporation have officially broken ground on 383–389 Cleveland Street, a new 15-storey purpose-built rental development in Toronto’s Leaside neighbourhood. Located just steps from Bayview Avenue along the Eglinton Crosstown LRT corridor, the project will bring 217 new rental homes to one of the city’s most established residential communities, with occupancy targeted for 2028.

Originally planned as a condominium, the development has been converted to purpose-built rental housing, a shift Hazelview attributes to evolving market conditions and the company’s long-term commitment to strengthening Toronto’s rental housing supply. Of the 217 units, 43 will be designated as affordable and integrated throughout the building with the same finishes and design quality as all other suites. An additional 33 units will be designed to meet accessibility standards.

Representatives from Hazelview Investments, Sierra Corporation, CMHC, and the City of Toronto gathered on June 8th for the official ground-breaking ceremony.

“Today’s ground-breaking at 383–389 Cleveland Street is another important step in delivering much-needed purpose-built rental housing,” said Mayor Olivia Chow. “With 43 affordable units and 33 accessible homes, this development reflects what residents need right now: inclusive housing that is well connected and close to transit. Projects like this show what is possible when we build for the long term, adding new homes in complete communities while keeping affordability and access at the centre of growth.”

The completed building will offer a diverse suite mix designed to accommodate a wide range of residents, including families, young professionals, and downsizers. Plans include 52 one-bedroom units, 89 one-bedroom-plus-den units, 54 two-bedroom units, 17 three-bedroom units, and five three-bedroom-plus-den suites. Notably, 76 units will include two bedrooms or more, highlighting a deliberate effort by Hazelview to support family housing within purpose-built rental developments.

Modern building features 

Residents will have access to approximately 8,500 square feet of combined indoor and outdoor amenity space. Indoor amenities, totaling 4,500 square feet, will feature a fitness centre, wellness and yoga studio, children’s playroom, boardroom and co-working area, party room and lounge, and a dining room with a chef’s kitchen. The 4,000 square feet of outdoor amenities will include landscaped areas with city views, BBQ-equipped lounges, resident gardens, an outdoor workspace, a children’s play area, and a dog run.

According to Hazelview, accessibility and sustainability have been key considerations in the project’s design. Thirty-three units will meet CSA accessibility standards, while the building is targeted to achieve Tier 3 of the National Energy Code of Canada for Buildings 2020. This level of performance is expected to deliver at least a 50 per cent reduction in energy consumption and a 78.1 per cent reduction in greenhouse gas emissions compared to baseline levels.

The development also marks a milestone for Hazelview Investments as its first project to incorporate a geothermal-based mechanical system. Delivered by Geosource Energy Inc., the system will tap into the earth’s stable underground temperature to provide more efficient, lower-carbon heating and cooling as part of an integrated building strategy.

Strategically located near the newly opened Eglinton Crosstown LRT, the project offers residents direct access to one of Toronto’s most significant recent transit investments, further enhancing connectivity within the city.

The development has secured financial backing through multiple levels of support. In December 2025, Hazelview Investments and Sierra Corporation executed a CMHC Apartment Construction Loan Program (ACLP) Loan Agreement, complementing municipal incentives, private investment, and development expertise. Additionally, the project is supported by the City of Toronto’s Rental Housing Supply Program, which includes approximately $5.4 million in financial incentives and a 40-year property tax exemption valued at an estimated $1.8 million.

“Inclusivity has to be built in from the start. At 383–389 Cleveland, that meant a genuine mix of bedroom sizes, affordable homes woven throughout the building, and 33 accessible suites designed to CSA Standards,” said Michael Williams, Managing Partner & Chief Development Officer at Hazelview. “This isn’t a building that checks boxes. It’s one that opens doors for all.”

Find out more about this project at: Hazelview Investments