Shopify Inc. plans to invest up to $500 million for a downtown Toronto development. This more than doubles the company's size in Toronto.

READ: Shopify Announces Plans For Hiring Spree And Toronto Office Expansion

The Ottawa-based e-commerce company currently has three offices in Toronto. Early next year, Shopify will move into a 178,000-square-foot space at 620 King Street West.

READ: Pinterest Will Open Its First Canadian Office In Toronto — And It’s Opening Soon

The plan after that is for Shopify to become the anchor tenant at The Well, a few blocks away from its King Street location.

The Well is a seven-building development project at Spadina Avenue and Front Street. Shopify's investment in there will more than double its footprint in Toronto, bringing it to more than 500,000 square feet split across its new and existing offices.

READ: Microsoft Is Moving To The Heart Of Downtown Toronto — And Will Be Hiring

"Over six years ago, we opened our first Toronto office, consisting of a small team of marketers, designers, product managers and developers. Since then, we’ve hired hundreds and helped shape the tech and entrepreneur ecosystem of the city through our continued investment," says Shopify in a news release.

"Today, we’re announcing an up to half a billion dollar investment in Toronto, along with the lease of new office space to accommodate our rapid expansion. With a team of about 700 employees across our three current offices in Toronto, we plan on continuing to grow and strengthen our presence in the city."

READ: Toronto’s Chances For Amazon’s HQ2 Just Got Even Better

This news comes just after Pinterest announced its first Canadian office will be in Toronto — and after other big tech players, such as Microsoft, Etsy, and Alphabet have announced their new and growing positions in the city.

“We have deep roots in the Toronto entrepreneur community and are committed to helping shape the city’s recognition as a global tech hub.” said Craig Miller, chief product officer at Shopify, based in Toronto.

“We know this is only possible by hiring the best and the brightest homegrown talent and continuing to build innovative solutions for our global merchants.”

READ: Toronto Is Running Out Of Commercial Real Estate And Has Record High Rent

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