Furniture retailer Leon’s says it is moving forward with plans to build thousands of residential units on land it owns in North York.
In a news release issued Monday, the company said it recently received rezoning approval that paves the way for it to build 4,000 residential units on a 40-acre plot of land that currently houses its corporate headquarters near Highway 401 and Highway 400.
The mixed-used development will include townhouses, mid and high-rise buildings, and community spaces, the company said.
“Phase One of the development will be focused on the building of a new flagship retail store and corporate headquarters on the site,” the furniture company said in a news release.
The residential units will be built in “subsequent phases” of the project, it continued.
The company said the next step is to create a secondary plan with the City of Toronto, which Leon’s expects to be complete by mid-2025.
“Rezoning this large parcel of land creates an unprecedented and historic opportunity, for the City of Toronto and the company,” Michael Walsh, president and CEO of Leon’s Furniture Limited, said in a written 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.”