Fengate Asset Management marked a major milestone in early September with the official ground-breaking of The Dennis, a new purpose-built rental community in Toronto’s Mount Dennis neighbourhood. Not only is the project a significant addition to the city’s housing landscape, it’s also one of the first developments to break ground under the Purpose-built Rental Housing Incentives Stream, launched in 2023 to address Toronto’s urgent housing needs.
“The City of Toronto is taking bold steps to build more affordable homes for Torontonians,” Mayor Olivia Chow proclaimed at the event. “Through our incentive program that waives development charges and taxes, we’re breaking ground on 448 new homes in York South-Weston – with 20 per cent designated affordable. The Dennis is proof that our approach providing incentives, waiving fees, and speeding up approvals can help get shovels in the ground and deliver more affordable housing for Torontonians.”
In all, the Purpose-built Rental Housing Incentives Stream aims to deliver over 7,000 new rental homes across Toronto, with at least 20 percent designated as affordable for periods ranging from 40 to 99 years. The ground-breaking of The Dennis is a powerful example of how strategic collaboration between the public and private sectors can accelerate housing delivery. Leveraging municipal incentives and federal financing, the project brings much-needed rental supply to market—including affordable units and rental replacements. Led by the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), and developed in partnership with Fengate and The Hi-Rise Group, The Dennis is being hailed by key stakeholders as a clear reflection of the City’s commitment to tackling Toronto’s housing crisis.
“On behalf of LiUNA, we are proud to partner with the City of Toronto to expand its purpose-built rental housing platform and deliver much-needed new, attainable housing to the city,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “As Toronto continues to grow and evolve, we remain committed to being a trusted partner in building its future – creating contextual, people-focused residential communities, while driving job creation, strengthening the skilled trades workforce, and fueling economic growth.”
The transit-oriented development is located steps from the new Mount Dennis LRT station and minutes from the Weston GO Transit station, nestled between the Humber River and Black Creek River. In addition to the abundance of parks and green spaces, future residents will have access to market-leading amenities including co-working areas, a games room, theater, lounges, and event spaces.
Targeting LEED Gold certification and built to the Toronto Green Standard, The Dennis reflects Fengate’s commitment to sustainable urban development. Once complete, it will serve a diverse tenant base—from students and young professionals to families and retirees—while standing as a model for how municipal incentives can catalyze meaningful, inclusive growth in Toronto’s housing sector.
“This is the first project in my ward to benefit from the rental housing incentives program of the City for affordable units and I am looking forward to it being the start of more shovels in the ground,” said Councillor Frances Nunziata (York South-Weston). “There are several approved housing projects in my ward, and I hope more will be able to participate in this important accelerator program to get affordable housing in York South-Weston.”
“Initiatives such as the City of Toronto’s Purpose-built Rental Housing Incentives Stream are vital to the future of residential development within our city,” added Jaime McKenna, President, Fengate Real Estate. “These initiatives allow for greater partnership with government to bring more affordable housing options for residents, removing barriers and unlocking access to the residential market for everyone.”
For more on this and other Fengate projects, visit: Fengate Asset Management
