Construction of the third Transit City Condos tower at Vaughan’s SmartCentres Place has been moved ahead by a year because demand for housing in suburban transit nodes means it, too, has “substantially sold out.”
SmartREIT, Mitchell Goldhar and CentreCourt Developments, the three partners in the condo tower project in the city just north of Toronto, made the announcement Wednesday in a release. The firms also adjusted their estimates for profitability on the sales upward to 20-25 per cent, from the original estimates of 15-20 per cent.
“We are pleased with the positive response to Transit City Condos, the first residential buildings at SmartCentres Place, in the heart of the new city centre in Vaughan,” said Goldhar, the chairman of SmartREIT, in the release. “Steps from mass transit including the new subway, open green spaces such as our nine-acre park, proximity to York University and the BUCA Lounge are some of the reasons 2,500 people will call Transit City Condos home.”
The three, 55-storey towers will contain a total of 1,716 residential units when they are complete. Construction of the first two towers is to start later this year, while the third will now begin in 2018 – more than a year ahead of schedule.
In June, SmartREIT CEO Huw Thomas told RENX the first towers sold all but 10 of their 1,110 units in just 10 days. He also said that, because pricing for the units was higher than originally forecast, profits were estimated to be in the 25-30 per cent range on those two towers.
SmartCentres Place is a 100-acre, 17 million square foot master-planned city centre development, to be connected to downtown Toronto by a new extension of the TTC University subway line as part of the Vaughan Metropolitan Centre (“VMC”). The station is scheduled to open in December.
VMC, at Highway 400 and Highway 7, envisions 40 million square feet of density around the confluence of various mass transit hubs, including the subway, the new VIVA rapidway and York Regional Transit central bus station.
SmartCentres Place is already home to the completed, 14-storey KPMG Tower.
Construction is underway on the 220,000 square foot PwC-YMCA Tower, consisting of PwC as the lead tenant, a 100,000 square foot flagship YMCA with child care and health and fitness facilities, and a 20,000 square foot City of Vaughan library and studio space.
SmartREIT and Goldhar are 50/50 partners in the SmartCentres Place joint venture, which plans to develop approximately eight million to 10 million square feet of commercial, residential and retail space on its portion of the site.