Landa Global Announces First Ontario Acquisition: Major New Master-Planned Community in Scarborough
November 1, 2022 – Landa Global Properties has acquired a 6.46-acre site in Scarborough, just outside of Toronto at 2075 Kennedy Road, with plans to transform what is currently a parking lot and office tower into a major mixed-use development. Half the site is currently rezoned and approved for three residential towers, with more to come in a second phase. Landa is currently working with the City on a site plan application and rezoning application for Phase 2.
This is the Vancouver-based company’s first acquisition outside of British Columbia, an acquisition that was driven by the opportunity to develop a complete, large-scale, mixed-use, master-planned community in an area in great need of additional housing. Landa’s projects in Vancouver include luxury residential, multi-tower residential, Passive House towers, and several architecturally significant developments.
“This is a really exciting project for Landa that will offer housing in an area with high demand and a growing population,” said Kevin Cheung, Landa CEO. “Toronto is an amazing market that we have been observing for a long time. We are thrilled to be expanding into a market that we believe offers significant potential for future growth.”
The current plan includes three residential towers at 31, 34, and 36 stories respectively in phase one, including 20,688 square feet of public park space, an indoor/outdoor amenity space, retail, and additional office space. Phase two will include additional residential and amenities.
There are currently two other major developments under construction in the area: Metrogate by Tridel with seven sold-out towers of 2,580 homes and Kingdom Development’s KSquare with two towers and 644 units completed this year.
“This is a burgeoning area that is rapidly being transformed into a vibrant area with many new residents, retail, and green space on transit with easy access to downtown on the GO train. And Landa’s new master-planned community is an exciting addition that will continue this transformation and offer much-needed housing and amenities to the neighborhood,” said Harley Nakelsky, President of Baker Real Estate. “Scarborough is a fast-growing community, and with Greater Toronto forecast to grow to 10 million by 2045, this development will enrich the lives of those who move here while also enhancing the surrounding community.”
“We are looking forward to bringing our expertise and thoughtful design to the Toronto market in a way that elevates the neighborhood and brings much-needed housing, upgrades, and amenities to the community,” said Cheung.
Further details on the development and design details will be announced soon.
More info here: https://www.landaglobal.com/projects/landa2075kennedy/
About Landa Global Properties:
Landa Global is a Vancouver-based real estate development company, with a growing roster of multi-family residential projects. Landa is dedicated to building significant, sophisticated and architecturally distinctive buildings that complement and contribute to their communities. Today, the company has more than ten architecturally distinctive projects in the Metro Vancouver area, with more to come. Completed and sold out projects include Boldon Fraser, Chateau Laurier, Main & Twentieth and Cascade City, a two tower development in Richmond designed by Arno Matis. Projects in progress include West Point Grey’s first multi-family boutique condo development in a decade – Raphael, a two tower Passive House development on Alberni and several other luxury towers in downtown Vancouver. For more information: www.landaglobal.com