IRIDESA reached its structural peak this quarter, marking a key milestone for the new rental community at 1156 The Queensway in Etobicoke.
The site, previously home to a Mercedes-Benz service centre, was cleared after the partners acquired it in early 2024. Demolition and environmental cleanup began promptly to prepare for a fresh development.
Leader Lane Developments pursued the location as an as-of-right parcel, avoiding rezoning delays. The existing zoning allowed a city-backed minor variance, streamlining approvals.
Construction timeline and progress
The site closed in Q2 2024, ground was broken in Q4 2024, and the building topped off at full height by the end of Q3 2026.
The mid-rise structure now stands at twelve levels, housing two hundred twenty rental units, a set of exclusive townhomes, and roughly 3,550 sq ft of ground-floor retail space.
During design refinement, the team added an extra floor, expanding the offering of family-size suites while keeping the original rental-housing goal.
“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.”
“Reaching this structural peak represents thousands of hours of skilled labour, dedication and collaboration,” said Jason D’Elia, Vice President of Construction at ELM Developments. “Our construction team and everyone on this site have worked incredibly hard to move this project forward quickly and efficiently.”
Design, units and amenities
The mix includes studios, one-, two- and three-bedroom units, several with dens, penthouse-style layouts, and five luxury urban townhomes, targeting professionals, small families and empty-nesters.
A rooftop lounge, party room, co-working spaces, guest suites and a 2,000-sq ft fitness centre cater to a lifestyle-oriented community.
Ground-level retail fronts The Queensway, offering daily conveniences and encouraging pedestrian activity along the corridor.
Residents will benefit from nearby TTC routes, the Mimico GO station, Kipling Transit Hub, and quick access to the Gardiner Expressway and Highway 427.
With the structural shell complete, the focus shifts to interior framing, mechanical, electrical and plumbing rough-ins, aiming for occupancy in early 2027.
Only Purpose-Built Rental Under Construction on The Queensway
IRIDESA stands as the sole purpose-built rental building currently under construction in its node along The Queensway, a corridor where recent projects have been predominantly condominium-driven.
The name references iridescence, the shifting colors seen when light strikes a surface at different angles. The building’s material palette mirrors that concept, honoring the site’s industrial past while providing the warmth of a true home.
