Featuring an article co-authored by TAS President & CEO, Mazyar Mortazavi
Canada’s rental housing system is under pressure—and the impacts are being felt across the country. Vacancy rates are at historic lows. Affordability is out of reach for too many. And key workers—like nurses, teachers, and transit operators—are being priced out of the communities they serve.
A new article co-authored by our President & CEO, Mazyar Mortazavi, outlines a clear and actionable path forward. Published by Build Canada, “Build Rental Housing Again” calls on policymakers to take bold steps to increase supply and make housing more accessible for those who need it most.
The piece highlights specific, targeted recommendations, including:
Strengthening CMHC programs to better support rental housing
Reviving rental-focused tax incentives
Introducing a renters’ tax deduction to improve affordability
Setting clear goals for purpose-built rental starts and affordability benchmarks
These are practical, implementable ideas that could help shift the system—and they reflect what we’ve long known at TAS: that cities cannot thrive if people can’t afford to live in them.
As a purpose-driven real estate company, we believe housing is about more than just units. It’s about enabling people, neighbourhoods, and communities to thrive. Ensuring that essential workers can live where they work is one part of that bigger picture.
Repositioning Real Estate: TAS’s Urban Industrial Strategy
Q&A with Ashley Burke, VP Asset Management at TAS
At TAS, we believe that real estate can be a powerful tool for positive change. Over the past five years, we’ve expanded our focus beyond residential development to include urban industrial properties across the GTHA. This shift has allowed us to develop a roadmap for transforming traditional warehouses into vibrant, multi-use spaces that support not only conventional industrial/warehouse tenancies but also small businesses, social enterprises, and impact-driven organizations.
We sat down with Ashley Burke, TAS’s VP, Asset Management, who has been instrumental in shaping our urban industrial strategy from the very beginning. In this Q&A, Ashley shares insights into why TAS pursued this path, the impact it’s had on our portfolio, and what the future holds for urban industrial spaces.
Q: What inspired TAS to invest in urban industrial properties? While residential development remains at the core of what we do, investing in urban industrial properties was a natural extension of our investment and impact strategy. The sector has performed well over the last 10 years and we identified an opportunity to divert from the conventional large-bay offerings to create profitable, well-designed, sustainable spaces in urban locations where businesses can be close to both consumers and their employment base. We have noticed a shift in demand for large-bay industrial in the GTHA, while the small to mid-bay fundamentals remain strong, further encouraging these more unique, urban-focused opportunities.
Q: What are the key elements of TAS’s urban industrial strategy? Our urban industrial strategy is built on the belief that well-positioned, thoughtfully upgraded assets can create vibrant spaces that benefit both tenants and the wider community. When we acquire an industrial asset, we look at more than just financial performance. Our value-add strategy prioritizes:
Responding to Business Needs – We focus on creating flexible, mid-to-small bay spaces, where demand remains strong for well-thought-out, flexible layouts in hard-to-find locations—particularly those that are transit-accessible and residential adjacent.
Sustainability – We invest in retrofits that reduce emissions and improve energy efficiency, from LED lighting to HVAC upgrades and alternative energy solutions. These enhancements not only lower environmental impact but also attract tenants who want to operate in greener buildings. In addition, repurposing aging properties is inherently more sustainable than tearing down and starting new.
Purpose-Driven Leasing – A portion of every building in our portfolio is allocated to social enterprises and/or non-profits at below-market rates. This supports organizations doing meaningful work while creating a dynamic mix of tenants that benefit the surrounding community. We also look at other ways of supporting impact-aligned tenants, such as favourable lease terms, in-kind payments, and making underutilized exterior space available at little to no cost.
Placemaking for Community and Retention – Successful buildings are more than just functional—they foster connection. We prioritize communal spaces, outdoor areas, and a sense of place that makes tenants want to stay long-term. Our goal is to elevate these buildings out of the intimidating conventional ‘industrial park’ aesthetic, to something more approachable and exciting.
Q: How does TAS create long-term value in these projects? By focusing on underutilized urban assets, we’re able to unlock potential in spaces that might otherwise be overlooked. There will always be demand for sustainable, well-located spaces that are accessible by transit and close to urban amenities. Green retrofits and social impact initiatives enhance tenant satisfaction and retention, contributing to the long-term vitality of our properties.
Q: What challenges have you faced in the past and how have you adapted your strategy? Like any real estate strategy, our urban industrial approach hasn’t been without its challenges. The industrial market saw significant fluctuations coming out of COVID, with excess demand that was always going to be temporary. We’ve adapted by focusing on mid-to-small bay properties where demand has remained consistent. Additionally, the rising costs associated with retrofitting older buildings required us to be strategic about acquisitions and renovations, ensuring we balance upfront investments with long-term sustainability and tenant needs. Flexibility and a focus on creating value for both tenants and communities have been key to navigating these challenges.
Q: What does the future hold for TAS’s urban industrial strategy? Repositioning real estate requires upfront investment, but the long-term benefits are clear. Well-designed, sustainable buildings not only reduce environmental impact but also create lasting value. By reinvesting in urban industrial spaces, we’re demonstrating that impact-driven real estate isn’t just possible—it’s a better way forward.
TAS will continue to seek out opportunities where real estate can serve as a tool for positive change, ensuring that our urban industrial strategy remains both dynamic and impactful.
Interested in learning more? Connect with us to explore leasing opportunities or partnership possibilities.
Join us for a special two-day Indigenous beading workshop as part of the Walmer Legacy Space programming. Led by Indigenous artist and community developer Lindsey Lickers, this workshop will introduce participants to the traditional teachings of the 13 Moons while learning the art of beadwork.
Beading as an Indigenous Cultural Practice
Beading circles hold deep cultural and social significance in Indigenous communities. They provide a space where both Indigenous and non-Indigenous participants can come together, build community, and share knowledge through the practice of beadwork. Beading is a social gathering where people exchange personal stories and form bonds while engaging in this traditional art form.
About the 13 Moons
The 13 Moons represent the traditional Indigenous lunar calendar, which follows natural cycles rather than the Gregorian system. Each moon marks a period of transition, guiding seasonal changes, plant growth, and cultural traditions. In Indigenous teachings, the moon is not just a timekeeper but a sacred force tied to life’s cyclical nature, reflecting themes of birth, growth, and renewal.
This theme is woven into the design of the Walmer Legacy Space, where thirteen moon crescents are integrated into the site’s seating and planter boxes, linking the space to the mural’s depictions of the sun and moon and their significance in Indigenous harvesting traditions.
About Lindsey
Lindsey is a mixed Onkwehon:we (Kanien’kéha) and Anishinaabe (Ojibwe-Mississauga) artist from Six Nations of the Grand River, with familial ties to the Mississaugas of the Credit First Nation. She specializes in painting, beading, Indigenous arts facilitation, governance, policy, community development, and land-based healing. Her traditional names, ‘Maskiki Nibi’ (Medicine Water) and ‘Shakoterenonnó:ni Tsi Entewá:ronhkwe’ (She Brings the People Together in the Spring), reflect her deep commitment to cultural knowledge-sharing and community connection.
Workshop Details
The workshop will take place over two days:
Day 1: April 13th, 1pm-5pm – We will begin with a teaching circle, where Lindsey will share the cultural significance of the 13 Moons. This will be followed by a beading demonstration before participants begin creating their own beaded pins.
Day 2: April 22nd, 6pm-8pm – A session focused on completing the beadwork, with opportunities for participants to receive additional support.
This workshop is open to everyone, regardless of experience. It is part of TAS’s ongoing commitment to using our spaces to support Indigenous learning and cultural sharing.
At TAS, we see our B Corp certification as more than a mark—it’s a mindset. It’s about using business as a force for good, taking bold action, and building a better future today. That’s why we’re proud to stand alongside a global community of businesses that share this commitment.
This B Corp Month, we’re spotlighting five incredible B Corps that inspire us with their leadership, impact, and vision. From renewable energy to ethical design, these companies are making change happen—and we’ve been lucky to work with them along the way.
Engineering with Impact Entuitive is a forward-thinking engineering firm that prioritizes sustainability, innovation, and resilience in the built environment. Their expertise spans everything from low-carbon building design to mass timber structures and climate adaptation strategies. At TAS, we share Entuitive’s vision for a greener, more sustainable future—and we’ve seen their dedication firsthand in our project collaboration at 2 Tecumseth.
Powering Change with Renewable Energy As a pioneer in Canada’s green energy movement, Bullfrog Power provides businesses and homeowners with 100% renewable electricity, green natural gas, and other clean energy solutions. By making it easy to choose sustainable energy, they’re helping organizations—including TAS—reduce their carbon footprint. Our headquarters runs on Bullfrog Power, reinforcing our commitment to sustainability every day.
Integrating Sustainability into Business and Investment Quinn+Partners is a leading ESG advisory firm helping businesses and investors integrate sustainability into their operations and portfolios. Their work ensures companies create long-term value while delivering positive environmental and social outcomes. TAS has been working closely with Quinn+Partners for several years, from measuring our greenhouse gas inventory to advancing our impact certifications and disclosures. Their expertise continues to push us forward.
Ethically Crafted Goods for Conscious Living Goodee is a marketplace dedicated to sustainable, ethically made home goods that support social and environmental change. Every product they curate has a meaningful impact—whether through responsible sourcing, craftsmanship, or community support. When we needed to outfit 125 Niagara, we turned to Goodee for beautiful, purposeful products that aligned with our values.
Designing Spaces with Purpose Mason Studio is an award-winning design studio that blends interior design with social impact. Their work transforms spaces to foster connection, creativity, and community—values we share at TAS. Mason Studio is the interior design studio on our 2 Tecumseth project, and we’ve seen firsthand how their human-centered design approach brings places to life in thoughtful, meaningful ways.
Building a Better Future—Together
These companies represent what it means to be part of Gen B—the generation of people using business as a tool for change. Whether big or small, new or established, these B Corps are shaping a future where impact matters. And that’s something worth celebrating.
Join us for the second annual Walmer Outdoor Movie Night in honour of National Day for Truth and Reconciliation.
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TAS and the Walmer Road Baptist Church are proud to host the second annual outdoor movie night featuring an Indigenous-made and Indigenous-themed film, as part of the Walmer Road Legacy Space. We’re thrilled to be partnering with the Toronto Outdoor Picture Show who helped to curate this year’s films.
Date: Sunday, September 29, 2024
Film: Wilfred Buck
Description:
“Moving between earth and stars, past and present, this hybrid feature documentary follows the extraordinary life of Wilfred Buck, a charismatic and irreverent Cree Elder who overcame a harrowing yet familiar history of displacement, racism and addiction by reclaiming ancestral star knowledge and ceremony.
Buck is humble, profound, funny, always real and a master storyteller. Narration taken from his autobiography condenses the loss and pain of his youth into powerful, Beat-like poetry. After his community in Northern Manitoba is forcibly relocated to make way for a hydroelectric dam, Buck’s family loses everything. He descends into the darkness of the city streets, surviving any way he can, until he reconnects with Elders who start him on a path that transforms his world. Driven by insatiable curiosity and instructed by dreams, Buck becomes a science educator and internationally respected star lore expert. His mission is sharing these life-changing teachings—as relevant and urgent today as ever—always guided by ceremony and anchored in the land.
Director Lisa Jackson deftly interweaves verité footage of Buck’s present with archival footage and cinematic, dramatized scenes from his past, painting a portrait of a beloved leader who now stands at the forefront of the resurgence of Indigenous ways of knowing.” – National Film Board of Canada
Venue: Walmer Road Baptist Church – parking lot. 38 Walmer Road in the Annex.
Admission: Free
Event details: Eats & Treats @ 6:30 pm
Showtime @ sundown (~ 7:30 pm)
Program runtime ~2 hours (including a short film)
Movie snacks and non-alcoholic drinks will be available for free. Cash donations will be accepted for the Native Canadian Centre.
BYO Chairs ** Please note the ground is hard gravel and so blankets are not recommended. Some chairs will be available to use during the event.
RSVP: We’d appreciate it if you could RSVP (but tickets are not required to attend): https://www.eventbrite.ca/e/walmer-road-outdoor-movie-night-tickets-1013675479647
Rain date: Monday, September 30
Accessibility: The film will be played with open captioning. Chairs are available for use. You can email us at engage@tasimpact.ca ahead of time and let us know and we will set one aside for you.
About the Walmer Legacy Space
The Walmer Road Legacy Space, which is located at the front of the church, aims to build cultural understanding and help create a path toward reconciliation between Indigenous and non-Indigenous peoples. It was created by TAS and the Walmer Road Baptist Church in collaboration with the Gord Downie & Chanie Wenjack Fund.
A new temporary public space at 888 Dupont Street showcases the power of circularity and placemaking.
During the month of July, TAS, in partnership with the University of Toronto’s Daniels Faculty of Architecture, Landscape, and Design, transformed a portion of our 888 Dupont site, into a temporary public space area that honors its historical roots while fostering community engagement.
The initiative, aptly named Circularity {of people and place}, brought together 19 future architects who dedicated three weeks to this ambitious project. The goal was to understand the community’s desires and needs, make use of reused materials from the 888 building, and then design and fabricate something that would create a positive impact on the neighbourhood.
Through conversations with residents, the students discovered that the neighborhood longed for a space that could host performances, offer seating, and include greenery. In response, they designed and built a stage, seating and planters.
Remarkably, these structures were created almost entirely from reused materials, including iconic bricks and window frames salvaged from the original building. The garden beds feature bricks from the old 888 Dupont structure, while the seating incorporates window frames saved from the site. Additionally, the wood used in these structures is salvaged Douglas fir lumber from deconstructed houses across southern Ontario.
This new temporary public space is now open to the public. The planters will be installed over the next several weeks and the site will soon host a variety of programming in partnership with a nearby café and local community groups.
TAS would like to thank our partners at Ouroboros Deconstruction and Arcana Restoration for their invaluable guidance in teaching the students the skills needed to repurpose these materials effectively.
Repositioning real estate is the driving idea behind TAS’s Community Hub Strategy. Since 2021, we have been investing in urban industrial buildings across the GTHA and leading their transformation from traditional warehouses to various flexible commercial/industrial uses including small businesses and social enterprises.
1. Take advantage of cap rate spreads: Repositioning works best when you can leverage cap rate spreads between 300-400bps between current and contemplated uses. For example, in Canada, the 2023 Q4 cap rate for suburban office was 8.0-8.74%, but multifamily was 3.35-4.40%, meaning the switch from suburban to multi-family would result in about 4% cap rate increase.
2. The increased value from a building conversion can be used to deliver social and environmental impact: The goal of repositioning is not just to maximize financial return on investment. The increase in value from a conversion project is what allows TAS to deliver on social and environmental initiatives in our Community Hubs portfolio. For example, the increased value we generate from the conversion of old urban industrial buildings allows us to offer below-market rents to impact-aligned tenants. The partnerships created with these tenancies, in turn, create value for market-rate tenants by offering a community benefit for their employees that aligns with corporate values and supports employee retention efforts. Further, this value creation also generates the capital needed to deliver on environmental initiatives, such as adding LED lighting, upgrading old HVAC systems, and installation of alternative energy solutions.
3. Get creative with the capital stack – In spite of market challenges, developers are having to be more creative with how they finance conversion projects. Though conventional lenders can look more favorably on projects that prioritize ESG, looking to other tranches of unconventional capital can help to derisk conversion opportunities. Examples can include: grants, incentives, rebates, heritage and other relevant tax credits, ESG-oriented equity & debt (CIB, CMHC, other), Impact-oriented equity & debt, innovation funding (TAF investment, catalyst funds etc).
4. Prioritize the stickiness of adaptive reuse projects: Successful buildings are lively, meaningful destinations that foster a sense of community and belonging. When leading an adaptive reuse project, developers need to consider how to infuse spaces with authenticity and create an ambiance that resonates with its users. Accessibility, atmosphere, diverse activities, and the ability to keep people coming back – are key success factors.
5. Green retrofits can create revenue premiums: Repositioning projects require significant upfront investments, for things like retrofits and mechanical upgrades. Premiums are needed to offset the IRR depressing effects of these early costs. Not only is investing in green buildings reducing CO2 emissions, it can also create the opportunity for targeted revenue premiums by attracting tenants and businesses who want to work in a green building and demonstrate their commitment to CO2 reduction as organizations.
To learn more about TAS’s Community Hub Strategy, get in touch info@tasimpact.ca
TAS has been a certified B Corporation since 2013. This means we’re part of a global community of businesses that meet high standards of social and environmental impact.
We recently went through the recertification process and are proud to report that we have been recertified with an impressive score of 147. This marks a significant leap from our 2019 score of 107.3.
In celebration of our latest recertification, we’re reflecting on what it means for TAS to be a B Corp, where we have been, and how we’re working on continuous improvement to “harness the power of business for good”.
What does it mean to be a B Corp?
B Corp Certification means that a company has been verified as meeting B Lab’s high standards for social and environmental impact.
To achieve certification, a company must:
Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing B Lab’s risk review.
Make a legal commitment by changing its corporate governance structure to be accountable to all stakeholders, not just shareholders.
Exhibit transparency by allowing information about its performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.
The B Corp certification process is rigorous – they don’t make it easy. The process includes an assessment of a company’s activities against a quantifiable grading system for measuring environmental performance, corporate activities, and supply chain transparency.
To maintain certification, companies must undertake the assessment and verification process every three years, demonstrating they are still meeting B Lab’s standards — which are themselves always improving, with continual input from expert stakeholders.
Why did TAS become a B Corp?
As leaders in the impact real estate space, it was important for TAS to become a B Corp business. We recognized that as a B Corp, we can build trust with communities and customers; attract and retain employees and draw mission-aligned investors.
TAS uses the B Corp assessment process to benchmark our performance and identify opportunities to improve our impact according to best practices across all five B Corp dimensions: Workers, Community, Environment, Customers and Governance.
What is a B Impact Assessment Score?
Certified B Corporations must earn at least 80 points on the B Impact Assessment. Scores are verified through a review process, which includes documentation, and phone calls. TAS’s score has fluctuated over the years, from 128.3 in 2013 to 106.6 in 2019.
We’re proud that our 2023 score is the highest score yet at 147. Since our last assessment, we have developed an impact framework and operationalized the framework across our business. We now have dedicated teams working on impact implementation and impact strategy and measurement. We also developed a social procurement program to help us leverage our spending power for good.
What’s Next?
B Corp certification isn’t a destination – our mission to use real estate as a tool to create impact is a constant work in progress. We are always striving to do better, be better, and benefit more communities.
In the last year, we’ve taken some big steps towards longstanding goals, including improving our environmental purchasing program, employee practices and policies, and our commitment to the sustainability of our buildings.
Our next focus is on implementing our Indigenous Truth and Reconciliation Action Plan, and continuing our commitment to climate resilience by integrating the recommendations of IFRS S2 (formally TCFD) across our business.
To us, being a B Corp-certified company is about being part of a global community of businesses working collectively for economic systems change. We know that we must stay committed to this work, move with the world and adapt to meet new needs in order to keep our place in a community of B Corps moving business forward.
Furniture Bank is a registered charity and social enterprise that redistributes gently used furniture and housewares from donors in the community to families and individuals experiencing furniture poverty. This incredible organization recently moved into TAS’s property at 7 Labatt Avenue in Regent Park. TAS is providing the space to Furniture Bank at a deeply discounted rate as part of our commitment to offer below-market commercial spaces to non-profits, charities, mission-driven organizations, start-ups and small local businesses.
Furniture Bank’s mission is to end furniture poverty – one family at a time. They use a social enterprise model, that takes the revenues generated through their furniture removal service to fund their charitable activities.
Furniture Bank believes that a house without furniture isn’t a home. As the public, private, and non-profit sectors work together to address the affordable housing crisis and scale up the delivery of affordable housing across the country, those houses will need to be furnished. Children need beds to sleep in and families need dining tables to eat at.
We recently met with Executive Director Dan Kershaw and Director of Development Tammy Peddle to learn more about Furniture Bank and the impact of the below market rent on their organization. We spoke about furniture poverty, affordable housing, and the circular economy. (Furniture Bank also plays a key role in protecting our environment by diverting millions of pounds of furniture from landfills each year.)
We learned that before moving into the 7 Labatt Avenue site, Furniture Bank operated out of its one location in Etobicoke, which made it difficult to serve families from the east end of the city. Expanding to the east end wouldn’t have been possible without the deeply discounted rent.
The move to Regent Park is also allowing Furniture Bank to test a scalable operating model. If it works well, they could have satellite locations in different neighbourhoods across the city, allowing them to reach more families and individuals experiencing furniture poverty, and have a greater impact.
We’re so pleased to be playing a small part in supporting Furniture Bank with achieving its mission to end furniture poverty – one sofa and one family at a time.
TAS acquired 1500 Birchmount in October 2024 through a receivership sale, marking a pivotal step in our commitment to creating impact-driven developments. The acquisition process spanned nearly a year and involved meticulous due diligence—assessing building systems, conducting revenue and operating expense analyses, and crafting a viable capital plan to modernize the property. These efforts enabled us to secure strategic financing to support the revitalization project.
Located on 21 acres in Scarborough, this 290,000-square-foot urban industrial building has a rich history. Constructed in 1958, it once housed Laura Secord Chocolates and has since evolved to include a private school and a telecom training center. Now, we are reimagining 1500 Birchmount as a vibrant, sustainable commercial and industrial hub—a welcoming space for work and community connection.
A Vision for Sustainability and Renewal
1500 Birchmount’s transformation centers on sustainability, functionality, and inclusivity. Guided by our commitment to environmental stewardship, we are pursuing LEED O+M and CaGBC Net Zero Performance Certification. Planned renovations include:
Energy Efficiency Upgrades: Roof repairs, building envelope improvements, and the modernization of mechanical, electrical, and plumbing systems.
Material Reuse and Green Initiatives: Incorporating repurposed materials and introducing sustainable practices throughout the building.
Enhanced Accessibility: Upgrading infrastructure to ensure the building is welcoming and functional for all users.
Leasing with Purpose
Our leasing strategy prioritizes impact. A portion of the building will be allocated to social enterprises and not-for-profits at below-market rates, enabling these organizations. Outdoor Communal areas are being designed to foster collaboration and community engagement. Situated on the Birchmount bus line and near residential areas, the building offers convenient access to commercial and industrial opportunities.
Anchored in Continuity and Inclusivity
The building’s existing anchor tenants—an international school and a telecom training center—will remain on-site during the transformation, ensuring stability and continuity for their clients and communities. As the project progresses, we aim to attract a dynamic mix of tenants who share our vision of sustainability and community connection.
Be Part of the Transformation
1500 Birchmount is more than a building; it’s a space designed to inspire collaboration, innovation, and environmental responsibility. If you’re interested in leasing a space, contact Ashley Burke, VP of Asset Management, at ashley.burke@tasimpact.ca or 416-510-8181 ext. 277.
