Three additional residential towers containing almost 1,600 condos and rental apartments will soon rise above the Vaughan Metropolitan Centre development in the city just north of Toronto, their developers announced Monday.
SmartCentres Real Estate Investment Trust (SRU-UN-T) and the Penguin Group of Companies owned by Mitchell Goldhar have entered into another joint venture with CentreCourt, to build the two additional Transit City Condo towers, which will be known as Towers 4 and 5, in SmartCentres Place. They will stand 50 and 45 storeys, respectively, and complement Towers 1, 2 and 3, the 55-storey towers which sold out when introduced to the market in May 2017.
SmartCentres and Penguin will develop the sixth tower as a purpose-built rental apartment of 35 storeys.
“We have been overwhelmed by the positive response to Transit City Condos and anticipate that the market will continue to recognize the many positive traits of the 100-acre downtown core we are developing,” said Goldhar, who is also executive chairman of the board of SmartCentres, in a release. “Adjacency to mass transit, open green spaces including our nine-acre central park and the community amenities make SmartCentres Place a very attractive place to live.
“This rental building represents an exciting new initiative into the rental residential sector for SmartCentres. We anticipate more to follow.”
Vaughan Metropolitan Centre a transit hub
The three towers, designed by Diamond Schmitt Architects, will be adjacent to the TTC subway station connecting SmartCentres Place to downtown Toronto. The phase also includes expansive open green spaces designed by Claude Cormier & Associates, part of the master plan for the community.
“We are thrilled to continue our partnership with Penguin and SmartCentres with the launch of TC4 and TC5 this coming spring,” said Andrew Hoffman, chief executive officer of CentreCourt, in the release. “These new residential towers will be in an ideal location in close proximity to the TTC subway, regional bus terminal, the YMCA, and all the other amenities of SmartCentres Place.
“Residents of TC4 and TC5 will also have direct access to 20,000 square feet of amenity space, accessible only to residents of TC’s newest phase – an unparalleled space for working out, swimming, relaxing and socializing.”
Marketing of Towers 4 & 5 will commence in the spring and construction will begin later in 2019 after “significant sales” are achieved.
Construction of Towers 1, 2 and 3 is underway with the topping-off of the three towers expected this spring, and closings anticipated in late 2020 or early 2021.
Elsewhere at the 100-acre, master-planned development, construction is almost complete on the 220,000-square-foot mixed-use tower. It will be home to PwC as the lead office tenant, a 100,000-square-foot YMCA with child care, and a 20,000-square-foot City of Vaughan library and studio space.
Occupancy of the mixed-use tower is slated for late spring 2019.
SmartCentres, Penguin, CentreCourt
SmartCentres is one of Canada’s largest real estate investment trusts with assets of approximately $9.4 billion.
It owns and manages 34 million square feet of retail space in principally Walmart-anchored retail centres which continue to experience industry-leading occupancy levels of 98 per cent, the REIT says. SmartCentres is also a joint partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group.
SmartCentres is expanding its portfolio to include residential (single-family, condominium and rental), retirement homes, office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to existing shopping centres.
The Penguin Group of Companies is a private company owned by Goldhar. Penguin owns real estate across Canada at various stages of development including an interest in the Vaughan Metropolitan Centre.
Penguin’s portfolio includes 12 properties co-owned with Walmart; an emerging network of 108 Penguin Pick-Up locations offering free, online purchase pickups; and online food marketplace Penguin Fresh.
CentreCourt is focused on the execution of high-rise condominiums located near major amenities of the Greater Toronto Area, rapid transit networks and employment areas.
CentreCourt has completed nearly 2,000 homes in the past five years and is actively developing an additional 3,000 homes throughout the GTA. Among CentreCourt’s other recent condo launches are: Peter Street Condos, Karma Condos, INDX Condos, Core Condos, Grid Condos, and 411 Church Street Condos.