March 3rd, 2024

Leon’s Furniture planning nearly 4,000-home real estate development

By The Canadian Press on January 29, 2024.

Leon's Furniture Ltd. says it's planning to build upwards of 4,000 homes on land around its head office at the intersection of two major Toronto highways. The Leon's logo is seen in an undated handout image. THE CANADIAN PRESS/HO

TORONTO – Leon’s Furniture Ltd. says it’s planning to build upwards of 4,000 homes on land around its head office at the intersection of two major Toronto highways.

The furniture retailer says it has already secured a rezoning of the 16.2-hectare parcel of land to allow housing development, which had previously been reserved for employment use.

Leon’s says next steps include completing a secondary plan with the City of Toronto and building a new flagship store at the site, with development of the master-planned community to follow.

It says the residential plan for the site, southeast of where the 400 and 401 highways intersect, includes townhouses, mid- and high-rise buildings and community space.

Leon’s chief executive Michael Walsh says the plan to densify the property will help meet the overwhelming demand for additional housing in the city, while generating value for shareholders.

Shares of the company, which has 303 retail stores across Canada under the Leon’s and The Brick brands, were trading up almost six per cent midday on the Toronto Stock Exchange.

This report by The Canadian Press was first published Jan. 29, 2024.

Companies in this story: (TSX:LNF)

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