Almadev is moving ahead with the second phase of its 15-acre Lansing Square master-planned community in Toronto's North York district.
LSQ2, the second of nine planned buildings, will stand at 30 storeys and include 338 condominium residences ranging from 459 to 1,185 square feet.
“Our team at Almadev is deeply humbled by the positive response and the shared belief in our vision,” Rafael Lazer, Almadev’s CEO, said in a statement.
“This area of North York offers an incredible amount of untapped potential, and as the leading master-planned community taking shape in this area, we recognize the need to contribute to the growth of the area and bring needed housing options and diverse uses that will cater to present and future needs.”
Lazer previously told RENX he is hopeful all phases of the approximately 1.7-million-square-foot development will be occupied by 2028 or 2029. The first building, LSQ1, was launched in February.
Toronto-based Almadev is a multi-billion-dollar real estate development, investment and asset management company with master-planned communities and mixed-use properties across Canada and the U.S. Along with its investment and asset management arm Agellan Commercial, Almadev holds interests in over 7.5 million square feet of income-producing industrial, commercial and retail properties across North America.
It has a construction pipeline of about seven million square feet of development, and has approximately 8,500 residential units in various stages of development or pre-development.
Prices at LSQ2 start from about $600,000.
Amenities include children’s play areas, a games room, sauna and steam facilities, an indoor-outdoor fitness area, indoor and outdoor lounges and party areas, a BBQ area, dining room, co-working lounge, recording and podcast studio, pet wash station, media room and sports lounge.
There will also be also lockers and dedicated concierge services.
Residents will have access to a shuttle service connecting the community to the Don Mills TTC Station, on-site bike storage and electric vehicle charging stations.
LSQ2 will also feature a retail space that opens out to an outdoor courtyard connecting to LSQ1.
“LSQ2 is a beautiful continuation of our design journey with Almadev’s LSQ master-planned community," Rod Pell, an architect at Wallman Architects, said in a statement.
"LSQ2 and LSQ1 are both aligned under the same vision, setting the architectural standard for the entire community.”
LSQ master community
Almadev had acquired the site at Victoria Park Avenue and Sheppard Avenue East in 2018 from Manulife for $162 million in the summer of 2022.
It is positioned just east of Highway 404 in the Consumer Road Business Park neighbourhood – which boasts 20,000 workers. An additional 13,500 jobs are anticipated to be created in the area through the City of Toronto’s ConsumersNext growth plans.
Upon completion, the LSQ community will encompass approximately 1,600 residences, 160 of them affordable rental units, 489,000 square feet of commercial space and 100,000 square feet of parkland, retail and social space.
This includes the preservation of two existing office buildings at the site and 1.2 acres of public parkland.
Lazer told RENX in January a significant number of the residential units will be larger than those currently on the market to cater to families.
While still being built to high standards, the units will be priced more affordably than those farther south toward downtown Toronto.
“It’s A-class but it’s properly priced,” he said at the time.