Meet the Team

Meet Sonya

Founder & Managing Partner

Sonya Donovan, CPA, CA, founded PaperDolls Development Inc. after years of hands-on work addressing complex real estate challenges for public institutions. Her career spans senior roles in both the private and public sectors, giving her a uniquely holistic understanding of how real estate value is created inside environments that must balance commercial outcomes with public purpose.

Sonya’s foundation was built at Oxford Properties, where she spent nearly a decade in investments, leasing, and development leadership roles. Her transition into the public realm, supporting institutions by working for them both directly and in adjacency, has given her a comprehensive perspective leading institutional real estate strategies. Her approach combines the rigor of commercial real estate with the sensitivities of public practices, creating structures that unlock value from non-core lands while advancing long-term institutional goals.

Meet Olivia

Partner, Institutional Real Estate

Olivia Stewart supports public institutions with complex real estate strategies, partnership structuring, and development execution. She brings a cross-sector perspective with experience spanning institutional advisory, investments, asset management, and development. Before joining PaperDolls Olivia spent half a decade leading the day-to-day execution of the University of Toronto’s Four Corners development pipeline, an approximately 5 million square foot mixed-use portfolio including residential, retail, office, and laboratory uses. She has directed multiple partner procurement processes, securing mission-aligned development partners while unlocking value from non-core institutional assets.

Prior to focusing on institutional real estate, Olivia held positions at QuadReal Property Group and Hullmark Developments, where she contributed to acquisitions, equity raises, and portfolio-level value creation initiatives across residential, office, industrial, and retail asset classes.

“Our approach is built on a foundation of trust, integrity, and a commitment to delivering innovative, sustainable solutions.”

Sonya Donovan, Founder & Managing Partner

The name PaperDolls Development Inc. was born out of a reflection on the interconnectedness that an effective real estate strategy requires to be planned and executed successfully.

Let’s Build Smarter Partnerships.

If you’re a public institution looking to unlock the value of your real estate, or a private organization ready to engage with purpose-driven partners, PaperDolls Development Inc. is here to guide you every step of the way.

There are many stakeholders that need to be balanced and brought along, each one playing a pivotal part in turning real estate visions into tangible and executable strategies that can have a meaningful impact on the communities they touch.

Our ethos is founded on the belief that successful real estate is driven by collaboration, purpose, and innovation —values symbolized by our name, PaperDoll. The chain of paper dolls represents the interconnectedness we value: each doll connected to the next forming a continuous link, powerful in its reach but sensitive to its surrounding environment. We are committed to developing thoughtful strategies that resonate with our clients’ values and priorities. By fostering genuine connections, we ensure that each project reflects what matters most to our clients, creating meaningful, impactful real estate that transcends bricks and mortar to serve as a true extension of their vision and purpose.

For both public and private clients, PaperDolls Development Inc. brings:

  • Deep, trusted relationships across the public and private landscape

  • Strategic insight into the most effective way to create alignment between the goals of public and private entities.

  • A commitment to creating mutual value, ensuring that financial results are achieved without compromising public mission or private performance