Vancouver-based Landa Global Properties has made its first acquisition outside of British Columbia, announcing on Monday that they have acquired a 6.46-acre site in Scarborough, Ontario.
The site is currently a parking lot and office building located on 2075 Kennedy Road, between Metrogate Park and Inglewood Heights Park, near the 401 Highway, and in the same area as two other high-profile developments: a seven-building, 2,580-unit Metrogate project by Tridel and a two-tower, 644-unit KSquare project by Kingdom Development.
Landa has also simultaneously announced their plans for the masterplanned Scarborough community, which would unfold in two phases. Phase One includes 31-storey, 34-storey, and 36-storey residential towers, retail space, office space, and 20,688 sq. ft of public park space. The three residential buildings will consist of approximately 900 units.
Phase Two would then include more residential and amenity space, but details have not been announced.
The portion of the site for Phase One has already been rezoned, but Landa is currently seeking rezoning approval with for the site of Phase Two.
"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," said Harley Nakelsky, President of Baker Real Estate, which will be handling the marketing and sales for the the project. "Scarborough is a fast growing community, and with Greater Toronto forecast to grow to 10M by 2045, this development will enrich the lives of those who move here while also enhancing the surrounding community."
Based in Vancouver, Landa's projects in British Columbia include luxury residential buildings, mixed-use residential buildings, and Passive House buildings, many of which have a sleek and elegant design, such as a trio of buildings on Alberni Street, the Lucent building in Surrey, as well as the multi-building Cascade City in Richmond, all of which are upcoming.
"This is a really exciting project for Landa that will offer housing in an area with high demand and a growing population," said Landa CEO Kevin Cheung. "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. 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."