Carttera Buys Queen Street W Project For $28M, Planning 27 Storeys

Carttera, a real estate developer and investment manager, has purchased the 1266 Queen Street West project in Toronto for $27.9 million. The site was previously owned by DKI Queen Inc., and Carttera closed the deal on June 6, 2025, with Colliers’ Jeremiah Shamess serving as the broker.

The property is currently occupied by a low-rise commercial building at the corner of Queen Street West and Dufferin. It’s located near the Parkdale Amphitheatre and just beside the Canadian Pacific Railway tracks. Originally, Republic Developments had received approval from the City of Toronto for a 24‑storey condominium tower on the site.

After taking over the project, Carttera submitted revised plans. The new proposal calls for a 27‑storey tower that will be fully rental—no condos. It will house 362 units made up of one‑, two‑, and three‑bedroom apartments, plus one four‑bedroom unit. Studio units have been dropped entirely, shifting the building toward family-style housing.

Although the tower will have three more floors than before, its height remains the same as what was approved in July 2024. Carttera also proposes a three‑storey podium (reduced from five floors), increased indoor and outdoor amenity areas, and more bike parking—but fewer spaces for cars.

The architectural firm BDP Quadrangle remains involved and aims to meet LEED Silver as a minimum for environmental standards, with a goal of full Zero Carbon certification through the Canadian Green Building Council. The firm’s plan also reflects public planning goals: the project supports intensification, fits within the official plan’s built-form principles, and carefully manages impacts on surrounding shadows, wind, and views.

Carttera hopes to finish the site-plan control application by the end of 2025 and start construction in spring 2026.