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