Ottawa's Shopify invests up to $500 million in Toronto development to open in 2022

Shopify-Well

Shopify Inc. (TSX:SHOP)(NYSE:SHOP) says it is investing up to $500 million for a downtown Toronto development, more than doubling the company's footprint in the city.

The Ottawa-based e-commerce company says it will lease about 23,597 square meters of space at The Well complex to be built at Front Street West and Spadina Avenue.

Allied Properties REIT and RioCan REIT are behind the building that Shopify will begin occupying in mid-2022.

Shopify says it chose the location because of the community surrounding the location and the vast talent pool in the city.

The company's announcement comes after it revealed it would expand its King St. West office in Toronto by leasing over 16,536 square meters of space that will open in early 2019.

Earlier this year, Shopify also said it would be branching out in Los Angeles, which will become home to its first brick-and-mortar location that is open to the public and will serve as a hub for events and a way for U.S. merchants to connect with the company.