Park Lawn Company Limited
CNQ : PLCL

June 18, 2008 16:15 ET

Park Lawn Company Limited Announces Redevelopment Plans

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Park Lawn Company Limited (the "Company") (CNQ:PLCL) announced today that it has entered into discussions with City of Toronto officials regarding a 2.9 acre parcel of land owned by the Company in the northwest quadrant of Hwy 401 and Yonge Street. Park Lawn is proposing to redevelop the land for residential purposes. This will require amendments to the City of Toronto Official Plan and Zoning Bylaws.

The land is currently zoned to permit the construction of a 15,000 crypt mausoleum of approximately 180,000 square feet. The property was retained by Park Lawn Company Limited when Park Lawn Income Trust was established in 2006 as the land was not required for mausoleum or cemetery purposes.

Preliminary architectural, engineering and traffic studies are being undertaken and the formal application to the City will be submitted at a later date.

"We look forward to working with area residents and City officials to create a residential development which enhances the existing neighbourhood." said Larry Boland, Vice-President of Park Lawn Company Limited.

Park Lawn Company Limited owns a 2.9 acre parcel of land located at 57 Linelle Street and the house and land located at 53 Linelle Street, Toronto. Park Lawn also holds a promissory note from Park Lawn Limited Partnership.

Contact Information

  • Park Lawn Company Limited
    Larry Boland
    Vice-President
    (416) 231-1462
    (416) 233-8155 (FAX)