Toronto’s growth is creating an increasingly important conversation about how the city can add much-needed housing while respecting the architectural and cultural character of established neighbourhoods. One development on Isabella Street provides an example of how these two priorities can be considered together.

The project at 164–166 and 168 Isabella Street combines a new purpose-built rental tower with the conservation of two designated heritage properties. Approved by Toronto City Council in July 2026, the development includes a 70-storey residential building with 599 dwelling units, including 50 rental replacement units. The City also approved alterations to the designated heritage properties under Section 33 of the Ontario Heritage Act, subject to conservation requirements and a Heritage Easement Agreement.

At the centre of the development is Alain Cogan Toronto, a real estate professional whose work through Oikoi Living focuses exclusively on purpose-built rental housing.

The Isabella Street site contains two historically significant properties. The buildings at 164–166 Isabella Street date to 1887 and were designed in a late-nineteenth-century interpretation of the Gothic Revival style. The property at 168 Isabella Street was constructed in 1892 in the Queen Anne style and has been designated under the Ontario Heritage Act since 1991.

Rather than treating the heritage buildings as secondary elements, the development process placed their conservation at the centre of the planning discussion.

The approved approach involves relocating the heritage buildings closer to Isabella Street while retaining their three-dimensional forms and important architectural characteristics. The City’s approval also requires a detailed Conservation Plan and registration of a Heritage Easement Agreement before relevant permits can proceed.

This approach reflects a broader principle in urban development: historic buildings can remain meaningful parts of a neighbourhood even as the surrounding area changes.

Toronto faces continuing demand for rental housing, particularly in established neighbourhoods where residents already have access to transit, employment, schools, parks, shops, and community services.

The Isabella Street project is designed around this context. The approved development will introduce hundreds of new rental homes while retaining the heritage buildings that contribute to the character of the street.

According to the City’s planning report, the project includes 599 residential units, of which 50 are rental replacement units. The approval also addresses the replacement of existing rental housing affected by redevelopment.

This combination makes the project relevant to broader discussions about how Toronto can accommodate additional residents without treating heritage conservation and new housing as mutually exclusive goals.

Alain Cogan Toronto is associated with Oikoi Living as Founder, Principal, and President. The company focuses exclusively on purpose-built rental housing and is involved in projects at different stages of development throughout Toronto.

Before entering residential development, Cogan founded Cogan Financial Capital Group Ltd., where his professional work involved financial planning, capital management, and long-term investment considerations for business owners, professionals, and families.

That financial background provides a different perspective on the practical requirements involved in bringing major residential projects forward. Development involves more than architecture and construction; it also requires financing, planning approvals, coordination with consultants, regulatory compliance, and long-term consideration of how a building will operate.

Purpose-built rental housing provides homes specifically designed and operated as long-term rental properties. For a growing city such as Toronto, increasing this type of housing can contribute to a broader range of accommodation options.

Oikoi Living's approach is based on identifying opportunities where additional rental housing can be introduced within established urban areas. The Isabella Street proposal demonstrates this approach by placing a substantial residential development in a neighbourhood that already has extensive urban infrastructure.

Instead of creating an isolated community on the edge of the city, the project is positioned within an established part of Toronto, where residents can benefit from existing transportation connections, services, retail destinations, and public amenities.

Heritage conservation is not simply about preserving old materials. It can also involve maintaining the relationship between historic buildings and the streetscape around them.

For the Isabella Street project, the approved conservation strategy is intended to preserve the heritage properties as recognizable buildings while accommodating the new tower behind them. The City’s heritage review specifically considered the relocation of the buildings and the construction of the 70-storey residential tower. Heritage Planning staff concluded that the proposed conservation strategy appropriately addressed the heritage impacts of the development.

The result is intended to create a visual relationship between the historic streetscape and new residential architecture.

The Isabella Street project also demonstrates how major developments can change during the approval process. Heritage reviews, planning assessments, community considerations, technical studies, and municipal requirements can all influence the final design.

The proposal considered by the City in 2025 was different in scale and unit count from the project ultimately approved in 2026. City records show that the earlier application involved a proposed 69-storey building with 660 units, while the approved plan provides for a 70-storey building with 599 units, including 50 rental replacement units.

This evolution illustrates the importance of the planning process in refining large urban developments before final approval.

A Broader View of Urban Intensification

Toronto’s housing conversation increasingly involves questions about where and how new homes should be built. Intensification near established infrastructure can allow additional residents to live closer to employment, transportation, retail, education, recreation, and other services.

The Isabella Street project represents one form of this approach: a tall residential building combined with the conservation of historically significant structures.

For developers, planners, heritage professionals, residents, and policymakers, projects of this type raise important questions about architectural design, housing supply, heritage protection, tenant considerations, and the long-term evolution of neighbourhoods.

Another significant component of the project is rental replacement.

The City’s planning materials identify existing rental housing affected by the redevelopment and require replacement measures. The approved development includes 50 rental replacement units within the 599-unit residential project.

Rental replacement is an important consideration whenever redevelopment affects existing rental homes. Maintaining housing opportunities for existing tenants can help ensure that neighbourhood renewal does not simply remove rental accommodation from the market.

The City’s approval also includes tenant-related requirements associated with the affected rental units and dwelling rooms.

The future of Isabella Street will involve both continuity and change. Historic buildings will continue to contribute to the identity of the street, while new residential development will introduce additional housing capacity.

For Alain Cogan Toronto, the Isabella Street project represents an opportunity to demonstrate how purpose-built rental housing can be incorporated into an established neighbourhood while giving serious attention to heritage conservation.

The project does not eliminate the complexities that accompany urban redevelopment. Instead, it illustrates how different objectives can be addressed through design revisions, heritage planning, rental replacement measures, municipal approvals, and long-term conservation requirements.

For readers interested in Toronto real estate, heritage conservation, rental housing, and urban development, the Isabella Street project offers a useful case study in how a major development moves through the municipal planning process.

Those who want to click here, visit us, or discover us can explore additional information about the project and the professional work behind it. Readers can learn more about the development, explore more about purpose-built rental housing, and review relevant media coverage through the Website.

The original Toronto Times interview provides additional background and direct commentary concerning heritage conservation, rental housing, and the future of Isabella Street.

Successful urban development often requires looking in two directions at once: understanding what already exists while planning for what a growing city will need next.

The Isabella Street project illustrates that principle through its combination of heritage conservation and new rental housing. The approved plans retain two designated historic properties while introducing a substantial residential building and replacement rental homes.