Leon’s Furniture Ltd. has been given the green light to revamp the landscape around its Toronto headquarters, ushering in an ambitious project that will see the emergence of 4,000 new homes. The company, renowned for its iconic furniture offerings, shared the exciting news on Monday, highlighting their vision for a vibrant community on a sprawling 40-acre site nestled between Highways 400 and 401 north of Toronto.
In a groundbreaking move, Leon’s envisions not only the construction of a modern "flagship retail store and corporate headquarters" but also the integration of 4,000 residences within the development. These homes will encompass a diverse range of housing options, including townhouses, mid and high-rise buildings, and communal spaces, showcasing a thoughtful approach to urban planning.
Michael Walsh, the President and CEO of Leon’s Furniture, expressed his enthusiasm for this transformative venture, emphasizing the historic opportunity it presents for both the company and the City of Toronto. “Rezoning this large parcel of land creates an unprecedented and historic opportunity for the City of Toronto and the company,” Walsh remarked in a press release. He underlined the project's significance in meeting the escalating demand for housing in the city while simultaneously adding substantial value for Leon’s shareholders.
The next phase of this undertaking involves working closely with the City of Toronto to formulate a comprehensive "secondary plan." Expected to be finalized by mid-2025, this plan will serve as a blueprint for the multi-year, multi-phase development, outlining the intricate details that will shape this expansive community.
Remarkably, Leon’s Furniture has been an integral part of this property since 1969, and the decision to transform it into a dynamic residential and commercial hub marks a pivotal moment in its long-standing history.
The announcement of this ambitious project follows closely on the heels of Leon’s plans to establish a Real Estate Investment Trust (REIT) in May 2023. The company's foresight in recognizing the potential of its real estate portfolio, boasting over 5.2 million square feet, has set the stage for this innovative move. The integration of a REIT aligns seamlessly with Leon’s commitment to generating added value for its stakeholders while fueling its expansion into the real estate market.
As the project unfolds, it is poised to redefine the landscape of the Toronto metropolitan area, contributing not only to the housing market but also creating a dynamic urban environment. Leon’s Furniture, with its rich legacy and forward-thinking approach, stands at the forefront of this transformative venture, promising a bright future for both the company and the thriving community it aims to build.
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