Growth Strategy Execution Continues with Construction Launch of On-Site Funeral Visitation and Reception Centre at Westminste
Tuesday, 03 March 2020 10:00.PM
- New 32,100 square foot facility will be Park Lawn's first on-site funeral visitation and reception centre in Canada. -
Park Lawn Corporation (TSX: PLC) is announce that construction of an on-site funeral visitation and reception centre at the Westminster Cemetery in Toronto, Ontario is now underway. The 32,100 square foot facility will be the Company's first on-site funeral visitation and reception centre in Canada. Park Lawn currently owns 18 on-site funeral homes as part of its PLC portfolio, which provide the highest margins of all business units.
The CAD$15 million construction project at Westminster Cemetery began in January 2020 with site plan approvals, initial road work and site services well underway. This project is an important plank of the Company's growth strategy, which includes margin expansion, acquisitions and the enhancement of its existing cemetery properties.
"We are excited to have launched the construction of our new on-site funeral visitation and reception centre at Westminster Cemetery. This is a key development for Park Lawn's, presence in the Toronto market and plays an important part of our overall organic growth strategy of unlocking new sources of revenue from existing properties with higher margin operations," said Jay Dodds, Chief Operating Officer of PLC. "On-site funeral visitation centres provide us with opportunities to grow sales for our interment and entombment services and provide families with more choices for our cremation product lines. Having the ability to operate these two business units through one cost structure significantly contributes to our margin expansion."
Highlights of the Westminster Cemetery enhancement project:
- Westminster Cemetery, Mausoleum & Cremation, consists of 36 acres of land located in the densely populated urban centre of Toronto, Ontario.
- Construction of the 32,100 square foot on-site funeral visitation and reception centre is the latest phase of the Westminster Cemetery enhancement project. In Q3 2019, Park Lawn added a third floor to the Westminster Cemetery's Mausoleum of Faith, adding an additional 1,080 crypt spaces.
- Park Lawn expects considerable demand as a result of the new construction from the existing approximate 8,000 pre-need interment/entombment arrangements.
- Construction is expected to be completed by the end of 2021.
SOURCE Park Lawn Corporation
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