Project restores two designated heritage buildings, protects every existing rental household and delivers 599 purpose-built rental homes near rapid transit

TORONTO, Aug. 5, 2026 /CNW/ -- Elysium Investments Inc. ("Elysium"), in partnership with International Property Group Inc. ("IPG"), has secured Toronto City Council approval for a 70-storey, 599-home purpose-built rental development at 164–168 Isabella Street.

Designed by Studio JCI, the project will deliver substantial rental housing while restoring the site's two designated heritage buildings and protecting all existing rental households.

"A growing city should not have to erase its past or displace its residents to build its future," said Sayf Hassan, CEO of Elysium Investments. "At Isabella, we are proving it does not."

The development will include studio, one-, two- and three-bedroom homes. Fifty units will be secured as rental replacement housing, giving all 38 existing rental households and eligible dwelling-room tenants the right to return under protected terms.

Rather than demolishing the heritage buildings or retaining only their façades, the project will relocate, restore and integrate both structures into the tower's base.

Located within the Sherbourne Protected Major Transit Station Area, the site is approximately a five-minute walk from Sherbourne Station and near Wellesley and Bloor-Yonge stations. The approval advances Isabella Street's emergence as a significant transit-oriented rental corridor, alongside an approved 69-storey development immediately to the north.

The project will provide approximately 2,500 square metres of indoor and outdoor amenity space, 369 bicycle parking spaces and sustainability measures designed to meet the Toronto Green Standard.

At Isabella Street, heritage conservation, tenant protection and new housing are integral parts of the same development strategy - the latest addition to Elysium's growing purpose-built rental pipeline across Toronto.

With approvals now secured, Elysium and IPG will advance remaining servicing, technical and pre-construction work ahead of construction mobilization. Further timing details will be announced as the project progresses.

About Elysium Investments Inc.

Elysium Investments Inc. is a Toronto-based real estate investment and development firm focused on purpose-built rental and student housing. Its integrated platform spans acquisitions, investment, development and asset management, with active projects across the Greater Toronto Area. Elysium is also the developer of Yarra Student Living, its purpose-built student housing platform.

SOURCE Elysium Investments Inc.