The real estate adage that it’s all about location certainly is the case with the Vincent Condominiums project in the Vaughan Metropolitan Centre.
The 766-unit, two-tower development, by Rosehaven Homes, Townwood Homes and Guglietti Brothers Investments, sold out in a matter of months.
Silvio Guglietti, principal of Guglietti Brothers Investments, said the project, which recently broke ground, is scheduled for completion in about four years.
“We’re looking at 2026 for our first move-in,” he told RENX. “It was sold out quite quickly. The sales went extremely well.
“I think it was a few things that came together at the same time. The Vaughan Metropolitan Centre has become more and more – with the subway and with everything that’s coming there and reaching a critical mass – more people are building in that area now and it’s becoming a real hub.”
Vincent condos quickly sold out
Sales opened in August 2021 and units were sold out by January. Guglietti said the average sale price was $1,200 per square foot. Unit sizes range from about 360 square feet to 1,400 square feet. He said the average unit size is about 650 square feet.
He said buyers are a mix of people, from young and single to empty nesters and a few small families. There are also a number of investors who have bought units.
Guglietti said the reason for the quick sales for the Vincent project is the location.
“And people seeing that this part of Vaughan is just an area that’s really a high-desire area. Critical mass is coming together and there’s some really good projects and a good sense of community building that’s coming together here. That’s your No. 1 reason,” he said.
“We also did a good job of meeting what people were looking for in terms of product mix, product size, amenities and space, providing a pool, use of spaces.
“All the pieces and components . . . and I still believe we’re appealing a little bit more to the younger buyer in attracting that and that always creates a buzz, and always creates some excitement in terms of having a youthfulness.”
Vaughan Metropolitan Centre growing fast
Located near Jane Street and Hwy. 7, the Vaughan Metropolitan Centre is a rapidly growing financial, innovation and cultural centre for the city just north of Toronto.
Major corporations, retailers, small businesses and other industries are located in the VMC, as it is a major transit hub with direct subway connections to York University and downtown Toronto as well as York Region’s VIVANEXT and local bus routes across Vaughan and Richmond Hill.
“In the past, it was always hoped that this is what would happen. People started building. . . . Others started to join. . . . Now you’re starting to see it turning into a reality,” Guglietti explained.
“And as you start to see the area being built, including things like the YMCA and you start to see all the community pieces come together, the subway station up and running and people starting to use it on a regular basis, all those pieces to actually physically be built, you can see it and you can feel it.”
“As you go through the area, you can start to feel the sense of a centre and Vaughan has been looking for a real centre probably for the last 30 or 40 years.
“It had special neighbourhoods, and it still has those special neighbourhoods in parts of Vaughan, but in terms of having one main central hub you can feel that this is coming together now for Vaughan which is exciting and great.”
Guglietti said today’s VMC doesn’t even represent 10 per cent of what’s going to be built in the area over the long term.
Vincent and the Guglietti enterprises
The Vincent condo project website describes some of the amenities which include an indoor lounge, a landscaped terrace with its 60-foot outdoor pool, private cabanas, fire pits and BBQ stations, a state-of-the-art fitness centre, equipped with the latest cardio, aerobics, weights, a yoga studio, co-work stations with high-speed WiFi and desk space, a party room with a bar and dining area, a children’s play area, a sports simulator and a pet spa station.
Guglietti Brothers Investments, a real estate investment company, has been around since 1972. It was a company that began with Silvio’s father Giovanni, who is now deceased, and his two brothers Carmine and Tony.
It has been involved in land development, commercial and industrial building and leasing as well. The company oversees and manages any investments that are done together by the extended Guglietti families.
Rosehaven Homes was established in 1992. Its president is Silvio Guglietti’s brother Marco. Rosehaven has built more than 9,000 homes and condos – from detached homes, semis and townhomes to mid-rise and high-rise condos.
The company began building low-rise homes, but in the last 10 years has also moved into the high-rise sector.
Townwood Homes, which is part of the overall Guglietti family run by Paul (Silvio’s cousin) and Tony (Silvio’s uncle), was established in 1974 and has built more than 15,000 homes throughout Southern Ontario.
“For the Guglietti family, the official groundbreaking of Vincent has a very personal importance to us,” Guglietti said. “The Guglietti family came to Canada from a little town in Italy called Sora, just outside Rome in Lazio. It’s actually the twin city of Vaughan.
“In our town, the small church that our family belonged to was San Vincenzo Ferreri, or Saint Vincent Ferrer. And our grandfather, the man we are all descended from, was named Vincent, or Vincenzo, after this saint.”