Alain Cogan is Founder and President of Oikoi Living, a Toronto-based real estate development company focused on purpose-built rental housing. He leads the company’s acquisitions, financing, planning, and development work across a portfolio of projects in Toronto.
A major ongoing project for Alain Cogan is 164-168 Isabella Street, where Toronto City Council approved a 70-storey purpose-built rental building with 599 units, including 50 rental replacement units. The project includes 242 two- and three-bedroom apartments, approximately 27,000 square feet of amenity space, 369 bicycle parking spaces, and the conservation and relocation of two heritage buildings.
Q: What makes 164-168 Isabella Street such an important project for you?
Alain Cogan: It is a rare opportunity to add 599 rental homes in a part of Toronto that already has the infrastructure to support that kind of density. Sherbourne Station is about a five-minute walk away, with Wellesley and Bloor-Yonge also nearby. The site is surrounded by employment opportunities, schools, universities, parks, and everyday services. At the same time, the project has real complexity because it involves existing tenants, 50 rental replacement units, and two heritage buildings. All of these pieces must be addressed carefully throughout the development process. For me, the significance is that we can add a substantial amount of long-term rental housing in a location where people can live without depending heavily on a car.
Q: The project includes 181 two-bedroom units and 61 three-bedroom units. Why does that matter?
Alain Cogan: Toronto needs more rental housing that can accommodate families and larger households. At Isabella, 242 of the 599 units have two or three bedrooms, which is a significant share of the building. That gives the project a wider range of housing options than a building dominated by small units, which has become all too common. We want people to see rental housing as a long-term housing choice through different stages of their lives. A strong unit mix is an important part of making that possible.
Q: Isabella will have 369 bicycle spaces and minimal parking spaces. What does that say about the location?
Alain Cogan: It says a great deal about how well connected the site is. Residents will be within walking distance of several subway stations and many daily services. That changes how much parking a building of this size actually needs. Underground parking is also one of the more expensive components of urban construction, so every level significantly affects project economics. In this case, the transportation plan puts much more emphasis on transit, walking, and cycling. That approach makes sense for a downtown site with this level of transit access, and supports a greener city.
Q: The development also involves two designated heritage buildings. How do you approach that part of the project?
Alain Cogan: The heritage buildings are an important part of the site’s history, and they are being retained and relocated closer to Isabella Street. That will require careful coordination between the heritage, architectural, and construction teams. It also affects how the base of the new tower is designed and how the project meets the street. We have to think about the old and new portions of the site as one composition. The heritage buildings need to feel like a meaningful part of the completed project. That work has been part of the design thinking from an early stage. We want to retain the architecture of the past, while making room for the future.
Q: What do you see as the next challenge for 164-168 Isabella Street?
Alain Cogan: Approval is a major milestone, though there is still a great deal of work between an approval and a completed building. The project now moves through the remaining technical, financing, and construction stages. A 599-unit rental development requires very careful coordination across consultants, lenders, contractors, and the development team. The heritage work and rental replacement obligations add further complexity. The economics also have to remain viable as construction costs and financing conditions change. The objective now is to carry the project through each of those stages so that it ultimately delivers more rental housing in downtown Toronto.
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