Leon's Furniture has announced that it is set to make its very first foray into residential development with a huge new complex that could bring 4,000 new homes to the city of Toronto.

The the long-running home furnishings retailer, which was founded right here in Ontario more than 100 years ago, shared on Monday that it intends to rezone and convert the property around its headquarters in North York — located near the intersection of Highways 401 and 400 — into high-rise towers, mid-rise buildings and townhouses.

Within these will be a mix of rental apartment units, condos and single-family homes, along with community space.

Executives from the brand told BNN Bloomberg that they recognize the "huge opportunity" that the housing market presents and are very excited about the move, which "relates to what got us here: furniture, mattresses and everything else we sell."

Still in its very early stages, the new community will be built in phases over multiple years, starting with new Leon's corporate offices and a brand new flagship showroom.

That is, of course, after the company submits its secondary plan for the site with the City, something it hopes to complete by summer 2025. In the meantime, the rezoning request (from employment use to a regeneration area) has apparently already been approved by the provincial government.

Leon's said a press release on the subject that its proposal will bring a level of density that will "help meet the overwhelming demand for additional housing within the city."

The furniture giant, which has hundreds of locations under its various banners (including The Brick), follows in the footsteps of Canadian Tire, which has submitted applications to redevelop two of its properties into condo towers in recent years.

We can likely expect more proposals from Leon's given that it started looking into creating a Real Estate Investment Trust last May, noting to shareholders its "attractive real estate portfolio of approximately 5.2 million square feet."