Leon’s Furniture is one step closer to developing a master-planned residential community on 40 acres of land it owns at Highways 401 and 400 in Toronto. The next step includes developing a secondary plan with the City of Toronto before moving on to Phase 1, which involves building a new flagship retail store and corporate headquarters on the site. Subsequent phases will include the construction of 4,000 homes ranging from townhouses to high-rise buildings and community spaces.
The company says it will be partnering with “top-tier developers” to co-lead the project. With a successful track record of building retail showrooms and large scale distribution centres across Canada, the company says expansion into housing will help address the housing shortage as it continues to move toward a centralized distribution model.
“Rezoning this large parcel of land creates an unprecedented and historic opportunity, for the City of Toronto and the Company,” said Michael Walsh, President and CEO of Leon’s Furniture Limited. “By establishing more density as part of a multi-year, multi-phase development, we will be helping to meet the overwhelming demand for additional housing within the city, while generating substantial value for LFL shareholders. We would like to acknowledge the City of Toronto and the Province of Ontario for their help and support of LFL’s plans. LFL has been working closely with Councillor Frances Nunziata’s office, as well as the City of Toronto and looks forward to commencing public consultation.”
Leon’s Furniture is the largest retailer of furniture, appliances and electronics in Canada. The company has 303 retail stores from coast to coast in Canada under various banners. More info can be found at: leons.ca.