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Furniture retailer Leon’s looks to build 4K homes in Toronto

Click to play video: 'Housing minister warns against resistance to ending exclusionary zoning'
Housing minister warns against resistance to ending exclusionary zoning
Speaking Wednesday in Toronto, Housing Minister Sean Fraser outlined a willingness to adopt zoning reforms has been key for the 19 communities that signed deals with Ottawa. “If we continue to build homes the way we have for the past century, we will never get out of the situation that we’re in now,” Fraser said, adding that municipalities without a ban on exclusionary zoning will not succeed with applications for federal housing accelerator funding – Jan 17, 2024

Leon’s Furniture wants to start building homes.

The Canadian home furniture retailer announced Monday it is “one step closer to building a master-planned community” after receiving rezoning approval to turn 40 acres of land near its Toronto headquarters to allow housing development.

The company says it plans to build “4,000 homes which will include townhouses, mid- and high-rise buildings and community spaces,” near its headquarters in Toronto after the Ontario provincial government approved a zoning change, according to a statement.

“(W)e will be helping to meet the overwhelming demand for additional housing within the city, while generating substantial value for (Leon’s) shareholders,” said company president Michael Walsh in a press release.

Click to play video: 'Trudeau announces $471M for Toronto to help fast-track housing construction'
Trudeau announces $471M for Toronto to help fast-track housing construction

The first phase of the plan is focused on building a new flagship retail store and corporate headquarters at the site where the current head office is located, where Highway 401 and 400 intersect in Toronto, while the second phase is dedicated to homes.

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The next step, the release said, is to develop a plan with the City of Toronto, which it expects to finish by mid 2025.

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Leon’s, which also owns The Brick and Brick-affiliated furniture stores, announced last May it was creating a real estate investment trust and that it owned 5.2 million square feet (about 483,000 square metres) of land.

The release ended by saying Leon’s looks forward to starting public consultations about the project.

Shares of Leon’s were trading more than seven per cent higher as of 2:10 p.m. ET Monday on the Toronto Stock Exchange.

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