From auto service centre to rental community

When the partners acquired the site in 2024, it was home to a former Mercedes-Benz service centre. In line with Leader Lane Developments’s strategy of pursuing as-of-right sites to avoid rezoning delays and compress approval timelines, the former service centre’s demolition promptly commenced alongside environmental remediation and planning applications to make way for an entirely new rental community. 

Today, IRIDESA is the only purpose-built rental building under construction in its node along The Queensway, an area where new development has been largely condominium driven.

“When we acquired this site, we saw an opportunity to bring high-quality purpose-built rental housing with security of tenure and thoughtful amenities to a retail-rich node along The Queensway,” said Mathieu Fleury, Partner at Leader Lane Developments. “The existing zoning permitted us to rely on a City-supported minor variance process. Working in partnership with ELM Developments helped us design a cost-effective mid-rise building that works within a tight site, while de-risking the project and allowing us to break ground early. Watching IRIDESA go from closing in late June 2024 to topping off just over two years later validates our development thesis and the value of a strong partnership.”

About the milestone

Leader Lane Developments (LLD) and ELM Developments (ELM) celebrate a major construction milestone at IRIDESA, their purpose-built rental community at 1156 The Queensway in Etobicoke. After acquiring the site and breaking ground in 2024 and achieving additional density in 2025, the partners have now topped off the building, reaching its full structural height at the end of Q3 2026.

With construction managed by ELM, the project has moved quickly from groundbreaking in 2024 to topping off. That pace is a credit to the trades on site, who have worked hard to keep the schedule on track while delivering a building that grew in scale along the way. “Reaching this structural peak represents thousands of hours of skilled labour, dedication and collaboration,” said Jason D’Elia, Vice President of Construction at ELM. “Our construction team and everyone on this site have worked incredibly hard to move this project forward quickly and efficiently. We look forward to welcoming our first residents in early 2027.”

• Building: 12 storeys comprising 220 purpose-built rental units, including a collection of exclusive townhomes, and approximately 3,550 square feet of ground-floor retail
• Timeline: Site closed Q2 2024, ground broken Q4 2024; and topped off in Q3 2026
• Added density: An additional storey was added as the project evolved
• Next phase: Transitioning to interior framing, mechanical/electrical/plumbing rough-ins 
• Occupancy: Expected to commence in early 2027

A growing vision

As the project progressed through planning and design, the concept was refined and expanded, and the team was able to add an additional storey of primarily family-sized suites. The building now stands at 12 storeys with 220 purpose-built rental units, creating a larger residential community while staying true to the original goal of delivering rental housing to the area.

The suite mix offers urban studios to one-, two- and three-bedroom suites, some with dens, penthouse-style suites, as well as five luxury urban townhomes. IRIDESA is designed for a diverse community: young professionals looking for their first independent space, those seeking urban living without the congestion and cost of downtown Toronto, couples and young families starting a new chapter, and local empty nesters considering their next move.

The project features ground-floor retail space fronting on The Queensway, adding resident convenience, and fostering an active, vibrant pedestrian experience.

Why IRIDESA?

The name draws on iridescence, the way a surface shifts in colour depending on the angle of light. The building reflects that idea through a material palette that pays homage to the site's industrial character and history, with the warmth of a true home.

Designed intentionally for rental living, IRIDESA’s amenities include a rooftop lounge, party room, co-working rooms, guest suites and a 2,000-square-foot fitness centre. Residents will be well connected, with access to TTC service, Mimico GO station and the Kipling Transit Hub, as well as the Gardiner Expressway and Highway 427.

What’s next

With the structure now complete, the team’s focus turns to finishing the building ahead of the next major milestone: occupancy, expected to commence in early 2027.

Register for future leasing information at iridesarentals.com

More at leaderlane.ca and elmdevelopments.com