Toronto Condo Site Finds New Life As $165M-Backed Rental Tower
A downtown Toronto development site with a decade-long history is finally moving forward as purpose-built rental housing, backed by $165M in federal financing announced Friday.
Kingdom Development is advancing The Bull Tower, a 370-unit rental development at 128 Peter St. in Toronto’s Entertainment District.
The 41-storey project is underway, with city documents showing demolition began in February and interior construction expected to continue through November 2029.
Its path to development has been anything but straightforward.
The broader Peter and Richmond streets assembly was originally put together by Fortress Carlyle for a condominium development. Aoyuan later acquired the site before ownership changed again in 2023 to a Kingdom-controlled entity. The proposal subsequently evolved into the current rental project.
That pivot comes as Toronto’s rental market becomes more competitive. CMHC reports that asking rents have declined as new purpose-built apartments compete with investor-owned condominiums entering the rental pool. Newer, higher-priced buildings are taking longer to lease, with landlords increasingly offering incentives.
The $165M financing, announced Oct. 16, comes through CMHC’s Apartment Construction Loan Program. The fully repayable, low-interest loan provides Kingdom with lower-cost capital as conventional development financing remains challenging.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Recckio Real Estate & Development
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Northgate Real Estate Group
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Essex Property Trust, Inc.
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