441 
The demand for rental units in Toronto's Downtown continues unabated, especially for mid-market units, as occupancy rates hovered below 2% in the city in 2012. While much of the new rental stock comes from individual investors renting out suites they have purchased in condominiums, several developers are now building new rental apartment properties to supplement the need.
66 Isabella is an existing 26-storey rental property on the northwest corner at Church Street. The corner itself has been a fenced-off green space for decades, but owner Mohican Holdings in now constructing an adjoining tower on that site which will bring the combined building out to Church Street. We have photos of the redevelopment process from over the last month and a half courtesy of three UrbanToronto Forum members.
The new tower, designed by Quadrangle Architects, will rise 23 storeys and include a four-storey podium that will contain retail space fronting both Church and Isabella Streets. The project will add 211 new residential units to the property, 199 of which will remain rental units for at least 20 years and be moderately priced for at least the next five years. The podium will also hold new amenity space for the entire complex including a recreation area and laundry facilities. The City secured other benefits through negotiations with the developer in exchange for the added residential density. Mohican has agreed to pay $450,000 in the form of Section 37 funds which will go towards repairs to neaby parks and infrastructure.
Wall sections are currently being cut out, and a whole rise of balconies will soon disappear where the eastward extension will soon be built. Units which faced east in the existing building are being converted to face north or south now as the new building will abut them.
We will keep you updated as the building progresses, in the meantime check out our Projects and Construction Forum thread for more info or to get in on the discussion.
