Fitzrovia Real Estate, a prominent developer of purpose-built rental communities in Toronto, has launched a $1.1 billion fund aimed at enhancing the city's rental housing market. This initiative involves redeveloping a 24-storey office building on St. Clair Avenue West into a 49-storey apartment tower comprising 600 units, primarily two- and three-bedroom apartments.

The building on St. Clair Avenue West is owned by a German family and is occupied by the Ontario Ministry of the Environment. The lease expires next year and the provincial ministry does not plan to renew.