Canada's Largest Furniture Retailer Gets Into Homebuilding
Canada’s Largest Furniture Retailer Gets Into Homebuilding
Leon’s Furniture Is Looking to Build 4,000 Houses on 40 Acres in Toronto
Canada’s largest furniture and appliance retailer is getting into the homebuilding business.
Toronto-based Leon’s Furniture has moved closer to developing a master-planned community on 40 acres that could eventually house 4,000 homes.
The chain, which has 303 retail stores across Canada under various banners, said the parcels of land at 45 and 88‐100 Gordon Mackay Road and 11 and 35 Subtract Road have received approval from the Ontario government that would allow residential, commercial and retail use from the current zoning as employment lands.
“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 chief executive of Leon’s Furniture, in a statement. “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.”
Canada Mortgage and Housing Corp., the Crown advising the federal government on housing, has called for an additional 3.5 million homes to be built nationwide by 2030. That is above the current pace of construction.
Next Steps
Leon’s Furniture will now need to complete a secondary plan with the city of Toronto, and the company expects that to be done by mid-2025.
The first phase of the development will focus on building a new flagship retail store and corporate headquarters on the site. The company’s home office has been on the parcel since it went public on the TSX in 1969.
The proposed community is located near two major 400 series of highways, bordered by Highway 401 to the north, Highway 400 to the west-southwest, and Jane Street to the east.
Following the first phase, Leon’s will work on plans for the 4,000 homes, including town houses, mid- and high-rise buildings, and community spaces.
The furniture company, which has retail showrooms and large-scale distribution centres across Canada, said it would partner with developers to co-lead the project.
The company has promoted its land inventory, which it has described as undeveloped and points to 429 acres with development upside on multiple properties.
In May 2023, Leon said it intended to create a real estate investment trust that could hold its 5.2 million-square-foot portfolio. It has explored an initial public offering but plans to maintain a majority stake.
Source CoStar. Click here to read a full story.
Leave a Reply
Leave a Reply
FOR LEASE – Office Spaces – Scarborough
Available units: #218 – 1,248 SF – $11.00 psf + $19.01 TMI psf #221 – 777 SF ̵ ...
FOR LEASE – Retail Space – Toronto
Available area: 595 SF Lease rate: $1,800.00 Net Lease Located in Toronto’s upscale Leaside ne ...
BUSINESS FOR SALE – Sports Equipment Shop – Peterborough
Available area: 783 Sq Ft Asking Price: $300,000.00 An exclusive business opportunity awaits in Pete ...
FOR LEASE – Office Space – Toronto
Available area: 1,124 SF Lease rate: $17.00 Net Lease Perfectly located near the 401 with easy trans ...
FOR LEASE – Office Space – Toronto
Available area: 755 SF Lease rate: $1,800 Gross Lease CLICK HERE TO DOWNLOAD THE BROCHURE Prime Scar ...
FOR LEASE – Office Space – Toronto
Available area: 638 SF Lease rate: $1,700 Gross Lease CLICK HERE TO DOWNLOAD THE BROCHURE Prime Sc ...
FOR LEASE – Office Space – Toronto
Lease price: $23.50 Sq Ft Net + $17.68/2023/T.M.I. Available area: 3,901 Sq Ft 1,820 Sq Ft Elevate y ...
FOR SALE – Development Site – Woodstock
Size: 1.14 acres Currently has a commercial building whihc is built out for Resteraunt/Banquethall/ ...
Toronto Commercial Properties
Stephen & Mariya Lilly
Brokers
Office: 416-494-7653
Mariya Cell: 416-824-5078
Stephen Cell: 416-802-4228