CANADIAN PROJECT
LBC Partners Development, Consulting, and Management LLC
Improve Canada
Unit 418
7250 Keele Street, Concord, ON
L4K 1Z8
+1 (647) 450-2079
According to the market research, conducted by the LBC team, there is a low supply of new and affordable homes in Toronto. Being the fastest growing central city, Toronto attracts young and mobile professionals. However, according to the Canada Mortgage and Housing Corporation (CMHC), the construction of new and affordable buildings is down by 24%. As a result, people coming to the city for the jobs find it challenging to find a fairly priced place to live.
LBC Boston is set to cover this shortage. According to Andrian Shapiro and Alex Matov, the Canadian project is strategically important for the company. First of all, it perfectly aligns with the company’s mission – provide functional apartments for the price most young professionals can afford. Secondly, using its solid expertise and successful experience in the US, LBC will contribute into economic and demographic development of Toronto.
The Canadian branch will use “Compact Living” as a new residential development strategy that incorporates well designed efficient space, shared common spaces and amenities, as well as transportation incentives.
The company’s objective is to increase access to affordable housing in Toronto by creating more units that build communities and neighborhoods. The LBC development projects in Canada seek to create living facilities that promote interpersonal engagement and that are built in sustainable and energy efficient ways.
The SMART goal for LBC Toronto is to develop and manage 1,000 “compact living” residential units by 2032.
Reaching this target will involve multiple transactions and significant development projects, as well as will require the use of local professionals, creating a lot of new jobs.
The short-term objective is to entitle a parcel of approximately one (1) acre of land in size to allow for 110-130 compact units with o.5 parking ratio on site.
Project Timeline
Q1 2024 – Locate a development sight
Q2 2025 – Finalize permitting
Q4 2025 – Break ground