Artist Rendering. Rendering Courtesy of Norm Li
SmartREIT and Mitchell Goldhar announce First Residential Project
–700 units at SmartCentres Place in the Vaughan Metropolitan Centre (“VMC”)
SmartREIT (TSX: SRU.UN) and Mitchell Goldhar today announced that they will soon be commencing marketing and development of the first high-rise residential project of approximately 700 units at SmartCentres Place in Vaughan. The residential project will capitalize on its excellent location, being close to the VMC subway station that is expected to be open and operational in December, 2017 and which will connect to downtown Toronto.
The high-rise condominium project will be developed in a joint venture with CentreCourt Developments Inc. Pursuant to a letter of intent, CentreCourt will have a 50% interest in the project. The parties are currently working together to finalize the submission of plans for a two-tower development of approximately 35 storeys each. Sales launch is planned for the spring/summer of 2017.
“CentreCourt has embraced our vision for the site, which has been developed through extensive collaboration with the local community and the City of Vaughan. The addition of CentreCourt’s experience and expertise developing high-rise residential in a downtown environment is welcome and will ensure that the office, retail and other residential uses complement one another and integrate with the downtown we are building,” said Mr. Goldhar, Chairman of the Board of SmartREIT.
The SmartCentres Place community will enjoy significant public spaces and community and civic uses, including an eight acre urban park, European style plazas, one or more schools and community facilities, including a public library and a full-service YMCA community centre of 100,000 square feet that will start construction next year.
“This first residential project at SmartCentres Place in the VMC is also timely as a response to the GTA’s housing challenges. It represents a more affordable option for home ownership on a subway line and other high order transit,”
– Mitchell Goldhar, Chairman of the Board of SmartREIT
“We are excited to work with like-minded partners who share similar values and goals as our own. We look forward to maximize the potential of this one-of-a-kind transit oriented mixed use development,” said Andrew Hoffman, Chief Executive Officer of CentreCourt.
“The formation of this joint venture is another step in creating a vital and vibrant urban community where people will live, work, shop and play. This project is the first of many residential projects at SmartCentres Place, and represents SmartREIT’s first foray into the residential sector. In addition to the VMC, there are many other mixed use development opportunities within SmartREIT’s existing portfolio including residential development – both condominiums and rental apartments,” said Huw Thomas, Chief Executive Officer of SmartREIT.