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Alain Cogan is a Toronto real estate developer and the Founder, Principal, and President of Oikoi Living, a real estate development company focused exclusively on purpose-built rental housing. Before moving into development, he founded Cogan Financial Capital Group Ltd., where he advised business owners, professionals, and families on financial planning, capital management, and long-term investment decisions. Today, he oversees every stage of Oikoi Living’s work, from acquiring sites and securing approvals to construction and project delivery across a growing portfolio of projects in Toronto.
One of those projects reached a major milestone in early August 2026, when Toronto City Council formally approved a 70-storey purpose-built rental tower at 164 to 166 Isabella Street and 168 Isabella Street, following the Toronto Preservation Board’s July recommendation to approve alterations to the two designated heritage properties under Section 33 of the Ontario Heritage Act. The approved project, developed by Oikoi Living in partnership with Elysium Investments, combines the conservation of both heritage buildings with 599 new purpose-built rental homes, including 50 replacement units that protect every existing rental household on the site. Council’s approval also secures a Heritage Easement Agreement that will provide ongoing protection for the heritage properties as part of the redevelopment.
Q: What did Council’s approval mean to you and to Oikoi Living?
Alain Cogan: It showed us that all of the work that went into refining the proposal had paid off. This project changed considerably as we worked through the heritage review process. We reached a point where Heritage Planning staff supported relocating both designated buildings on the site, conserving their three-dimensional form, restoring key architectural features, and securing their long-term protection through a Heritage Easement Agreement, while also creating 599 new rental homes, including 50 replacement units that protect every existing rental household on the site. That’s an outcome everyone on the team worked hard to achieve, and I’m so proud of what we’ve accomplished so far.
Q: Heritage conservation was clearly a major focus of the application. What was most important to you during that process?
Alain Cogan: From the beginning, we wanted these buildings to remain recognizable as historic houses, not simply become architectural features attached to a new tower. We worked to retain both as complete house forms, keep them facing Isabella Street, and set the tower back so their rooflines and proportions would continue to define the streetscape. We also looked for opportunities to reverse changes made over the years by restoring original architectural elements based on archival documentation and conserving significant interior spaces at 168 Isabella Street. Heritage buildings tell the story of a neighbourhood, and once that history is removed, it can’t be recreated. We felt it was important that future residents could still understand the site’s history while the property continues to serve a new purpose.
Q: How does this project fit into your overall approach to development?
Alain Cogan: Oikoi Living focuses entirely on purpose-built rental housing because we believe Toronto needs a larger supply of long-term rental homes. Every project is different, but the goal is always the same. We look for opportunities to add housing in places that already have the infrastructure people rely on every day, such as transit, schools, parks, employment, and everyday services. Isabella Street is a great example because it allows us to introduce a substantial number of rental homes while conserving buildings that have been part of the neighbourhood for well over a century. Those outcomes can exist together when the project is carefully planned.
Q: What do you hope people will see when this project is complete?
Alain Cogan: I hope that the people of Toronto see that growth and heritage conservation can work together when enough thought goes into the design process. The historic buildings will continue to contribute to the street, and the new rental homes will allow hundreds of people to live in a neighbourhood that already has everything people look for in city living. If we can add housing while respecting the existing history, that’s a positive outcome for the community and for Toronto as a whole.
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