What TAS Design Build, Toronto does

TAS Design Build (TAS) is a Toronto-based impact-focused real estate developer and asset manager founded in the 1980s by Babak and Tooran Mortazavi. The firm develops, owns, and manages residential and commercial real estate across the Greater Toronto and Hamilton Area (GTHA), operating a 4.5 million square foot portfolio spanning 16 named properties that includes mixed-use developments, purpose-built rental buildings (The Campbell at 236 units and The Keeley at 363 units), residential condominiums (M5V, ZED, DUKE, DIA, Kingston & Co.), and urban industrial commercial hubs (The Planet, 10 North Queen, 772 Warden, 1500 Birchmount). TAS differentiates through a proprietary Impact Management System aligned with internationally recognized frameworks including IRIS+ metrics, the Common Impact Data Standard, and the SDG Compass; a circular economy and material reuse methodology that diverted 93% of demolition waste at 2 Tecumseth (62% reused on site); LEED and CaGBC Net Zero building certifications; and B Corp certification (score of 147 in 2023, up from 107.3 in 2019).

The firm operates a private equity investment platform that has raised over $415 million in committed capital across four successive closed-end funds (LP1-LP4), with LP4 reaching $123 million in January 2024 as the largest fund to date. Revenue is generated through four streams: (1) condominium sales proceeds from completed and active projects, (2) recurring rental income from purpose-built residential buildings, (3) commercial and industrial leasing revenue (including below-market leases to social enterprises and non-profits as part of a purpose-driven leasing model), and (4) private equity fund management and performance fees charged to institutional and individual LPs. The go-to-market motion is direct enterprise sales — VP Asset Management Ashley Burke handles commercial leasing outreach, while LP fund interests are sold through direct institutional investor relationships with Canadian pension funds, foundations, and family offices from Canada and Europe. TAS has also entered a $120 million 50/50 joint venture with LaSalle Canada Property Fund and a 75% interest sale of 2 Tecumseth to Woodbourne Capital, validating institutional credibility. The Mortazavi family (founders Babak and Tooran, with son Mazyar as President & CEO) maintains control; the executive team was strengthened in October 2023 by the appointment of CFO Priyanka Taneja, formerly CFO of Irish Residential Properties REIT.

Name

TAS Design Build, Toronto

Legal name

TAS

Website

https://tasimpact.ca

Company type

Private

Founded year

1980

Operating status

Operating

Short description

TAS Design Build is a Toronto-based impact-focused real estate developer and asset manager operating a 4.5M sq ft portfolio of residential and commercial properties across the Greater Toronto Area, generating revenue through condo sales, rental income, commercial leasing, and a $415M private equity fund platform.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Commercial and Institutional Building Construction (236220)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

akta.pro secondary industries

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), Office & Corporate Building Construction (IMAFACAA)

Keywords

• Real estate development
• Mixed-use development
• Purpose-built rental housing
• Commercial real estate leasing
• Impact real estate investing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Development and Sales: TAS develops and sells residential condominiums and commercial properties, generating revenue through sales proceeds. Completed projects include M5V (2011), ZED (2006), DUKE (2016), Kingston & Co. (2018), and DIA (2007).
2. Purpose-Built Rental Income: TAS generates recurring rental income from purpose-built residential buildings including The Campbell (236 units) and The Keeley (363 units). Residential units are rented at market rates with a portion allocated at below-market rates for affordable housing.
3. Commercial and Industrial Leasing: Urban industrial properties are leased to a mix of commercial tenants including small businesses, social enterprises, and not-for-profit organizations. A portion of commercial space is allocated at below-market rates to impact-aligned tenants.
4. Private Equity Fund Management: TAS operates private equity funds (LP1 through LP4) focused on impact-driven real estate development and asset management in the Greater Toronto and Hamilton Area. They have raised over $100M (LP3), $123M (LP4) in equity commitments. Management fees and performance fees are charged to institutional and individual investors.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

TAS Design Build develops and manages residential and commercial real estate projects in the Greater Toronto Area with a focus on measurable social and environmental impact alongside financial returns. The firm operates a portfolio spanning mixed-use developments, purpose-built rental housing, residential condominiums, and commercial community hubs, and runs a private equity investment platform that deploys institutional and family-office capital into these impact-aligned assets.

Product overview

TAS is an impact-driven real estate development and asset management company operating a multi-project portfolio across the Greater Toronto Area. The company operates through two core offerings: (1) a private equity investment platform managing $415M in committed capital across multiple value-add development funds (LP1-LP4), and (2) a portfolio of 16 named real estate projects spanning mixed-use developments, purpose-built rental, residential condominiums, and commercial community hubs. Projects range from completed developments (DIA, ZED, M5V, DUKE, Kingston & Co.) to active developments (2 Tecumseth, 38 Walmer, Connecting Cooksville) to stabilized commercial community hubs (10 North Queen, 772 Warden, The Planet). The company integrates impact measurement and sustainability certification (LEED, Net Zero) across its projects.

Differentiator

Problem solved

Functional benefit

Brands

• TAS LP3: Third diversified real estate fund focused on GTHA development and value-add projects
• TAS LP4
• TAS LP 3

Products and services

• Mixed-Use Real Estate Developments

Quantifiable outcome

• 4.5M sq ft of residential and commercial space in active development pipeline and portfolio under management
• +8 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Gord Downie & Chanie Wenjack FundcoreStrategic or Co-development Partner · 24 May 2023TAS and the Walmer Road Baptist Church created the Walmer Legacy Space in collaboration with the Gord Downie & Chanie Wenjack Fund. Legacy Spaces are intended as symbols and reminders of the work needed to fulfill the promises of Canada and the Truth and Reconciliation Commission of Canada's Calls to Action. This is the first public-facing outdoor Legacy Space.
• BentallGreenOak (BGO)coreStrategic or Co-development PartnerBGO partnered with TAS on The Campbell project (299 Campbell Avenue), a 14-storey, 236-unit purpose-built rental building in Toronto's Junction Triangle. BGO is a leading global real estate investment management advisor with approximately $83 billion USD in assets under management as of June 2023. BGO is part of SLC Management, the alternatives asset management business of Sun Life.
• Main + MainminorStrategic or Co-development PartnerMain + Main is a partner on Kingston & Co. (1100 Kingston Road), a 10-storey, 162,000 sf residential development completed in 2018 in Toronto's Kingston Road Village neighborhood.
• Lifetime DevelopmentscoreStrategic or Co-development PartnerLifetime Developments is a partner on the M5V project (375 King Street West), Toronto's first LEED Gold Certified condominium, completed in 2011 in the Entertainment District. Lifetime is a well-established Toronto-based real estate developer.
• Walmer Road Baptist ChurchcoreStrategic or Co-development PartnerLong-standing partnership with the Walmer Road Baptist Church for the redevelopment of 38 Walmer Road. The church has served as a community hub since 1889 and is home to Canada's first co-located daycare. TAS and the church are working together on a bold new vision including a new residential tower, new church space, and adaptive reuse of the existing sanctuary as a commercial community hub.
• Toronto Public LibrarycoreStrategic or Co-development PartnerFirst-of-its-kind agreement between TAS, BGO, and Toronto Public Library to integrate a brand-new 10,000 sq ft library branch into the ground floor of The Campbell building at 299 Campbell Avenue. This is the first time a new public library branch has been incorporated into a ground-up development in Toronto, addressing community need for expanded library services.
• Interval HouseminorStrategic or Co-development PartnerPartnership with Interval House (Canada's first shelter for women and children fleeing intimate partner violence) to provide 10 affordable housing units at The Campbell exclusively for women-led households who have survived domestic violence. This innovative partnership helps free up shelter space while enabling survivors to achieve safety, security, and economic independence.
• The RedwoodminorStrategic or Co-development PartnerPartnership with The Redwood to provide 10 affordable housing units at The Campbell for women-led households who have survived domestic violence. The Redwood is a non-profit supporting survivors of intimate partner violence. This initiative addresses the chronic shortage of affordable housing that prevents survivors from leaving abusive situations.
• Toronto Circularity NetworkminorStrategic or Co-development PartnerPartner in the Circular Living Lab, Toronto's first classroom and exhibition space dedicated to material reuse in the built environment. The Lab incubates and promotes circular economy research and is located at the 2 Tecumseth Street site.
• Dutch-Canadian Circular AllianceminorStrategic or Co-development PartnerPartner in the Circular Living Lab at the 2 Tecumseth Street site, contributing to circular design practices in the city through collaboration on the experimental laboratory and exhibition space.
• Bowery ProjectminorStrategic or Co-development PartnerUrban Crate Farm operator at the Walmer Legacy Space, growing herbs, flowers, and vegetables including Indigenous plants and medicinal herbs such as tobacco and sweetgrass. The Bowery Project manages weekly programming and volunteers, with produce donated to the Native Canadian Centre of Toronto and Native Women's Resource Centre.
• Just Be WoodsyminorStrategic or Co-development PartnerUrban tree salvage and furniture company that operated at 2 Tecumseth Street for five years before moving to 772 Warden Avenue. The company transforms felled downtown Toronto trees into functional furniture and objects, sequestering carbon in the process. TAS provided the space for Just Be Woodsy to mill, kiln-dry, and handcraft salvaged trees, incubating the business over seven years.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Windmill Developments: Canadian impact-focused real estate developer headquartered in Toronto/Dundas, Ontario, specializing in sustainable, mixed-use, and purpose-built projects. Most directly comparable to TAS on the impact-and-sustainability positioning axis, with similar target markets and project types.
• Concert Properties: Canadian real estate developer and asset manager with rental, condominium, and commercial projects primarily in BC and Ontario. Comparable to TAS on integrated development + asset management model and rental-condo mix, though geographically more diversified and without the explicit impact framing.
• Tridel: Toronto's largest residential condominium developer with a deep GTA pipeline of high-rise and mid-rise projects. Highly comparable to TAS in target market (GTHA condo buyers) and product category (purpose-built residential and mixed-use), though Tridel operates at materially larger scale and without TAS's impact/sustainability focus.
• Menkes Developments: Toronto-based full-service real estate developer of residential condominiums, commercial, and industrial properties across the GTA. Comparable to TAS in geographic concentration, mixed-use development approach, and integrated development/asset management model, though at significantly larger scale.
• Lifetime Developments: Toronto-based residential condominium and mixed-use developer, and an existing TAS co-development partner (M5V at 375 King Street West). Highly comparable on product type, GTA geography, and target customer (condo buyers in urban neighborhoods).

Broad incumbents

• Morguard: Canadian real estate investment and management company with a diversified portfolio of office, retail, multifamily, and hotel properties. Comparable to TAS on the asset-management and institutional-investor relationship dimensions, though Morguard focuses on stabilized income-producing assets rather than ground-up impact development.
• Dream Unlimited: Canadian diversified real estate company with development, asset management, and investment platforms across residential, commercial, and recreational assets. Comparable to TAS's mixed-use development + fund-management model, though operating at much larger scale and across multiple asset classes.
• First Capital REIT: Canadian REIT focused on grocery-anchored and mixed-use urban properties, predominantly in Toronto. Comparable to TAS on urban mixed-use real estate in the GTA and on institutional-investor profile, though First Capital operates as a publicly traded REIT rather than a private developer/fund manager.
• Brookfield Residential: One of North America's largest residential developers and a Brookfield Asset Management affiliate. Operates master-planned communities and urban developments broadly comparable to TAS's mixed-use ground-up projects, though at substantially larger scale and without impact-realestate specialization.

Regional players

• Bosa Properties: Vancouver-based real estate developer of residential condominiums and mixed-use projects across Western Canada. Comparable to TAS on residential/mixed-use development model and integrated design-build approach, but operates primarily in BC rather than Ontario.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/tas_impact
• LinkedInlinkedin.com/company/tas-impact
• Instagraminstagram.com/tas_impact

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TAS Design Build, Toronto