After more than a century of furnishing Canadians, Meubles Léon now plans to develop an entire neighborhood with up to 4,000 apartments.
The company's chief executive, Mike Walsh, told the Globe and Mail that Léon plans to build up to 4,000 residential units and houses on a large site adjacent to its headquarters at the corner of Highways 400 and 401 in Toronto.
More specifically, Léon owns an area of approximately 40 acres (16 hectares) that extends along the ramp that leads from Highway 400 north to Highway 401 east.
Aerial view of the Meubles Léon property next to the headquarters. Screenshot from Google Maps
“I am always asked this question by friends and colleagues. “Are you the one who owns the field in front of you?” And the answer is: “Yes, it belongs to us”. “We believe we can build 3,500 to 4,000 homes there in a variety of styles to maximize space,” Mr. Walsh said in an interview with the daily.
The manager suggested that part of the property should be used to build rental apartments, but condominiums, townhouses and even single-family homes are also planned.
The furniture retailer, which also owns the Brick brand, will initially have a new headquarters to replace the existing one before developing its real estate district.
This initiative comes at a time of housing crisis across Canada, but particularly in Toronto, where the average cost to rent a three-and-a-half apartment was $2,521 in December 2023, according to Rentals.ca.