August 17, 2010
This partnership ensures that the existing 500 purchasers of the 565 suites in the project will be able to retain their suites and reap the benefit of the $75 to $100/sq. ft. increase in the value of their units over the last year and a half.
The trio – Bazis, Plazacorp Urban Residential Communities and Metropia Urban Landscapes have announced that all the condominium retail space in the podium which connects the pair of shimmering emerald green towers has been sold to eager buyers.
“The strength of this partnership is such that the two levels of retail were literally sold out before we officially took them to market,” says Mr. McLellan. “A major grocery store chain has committed to buying the entire second floor, and with that in place, merchants very quickly bought the retail spaces on the ground floor. While the third level office space has yet to be released for sale, Mr. McLellan adds that there has been tremendous demand.”
“By any measure Emerald Park is a major success story,” says Mr. McLellan. “The collapse of Lehman Brothers deeply affected Bazis and its projects. But because of the financial strength of Plazacorp and Metropia, and the track records of the companies and their principals, we are in the final stages of negotiations for financing and construction will start this fall.”
Mr. McLellan adds that the strength of the working relationship to date also means the trio is discussing future joint ventures on other Bazis holdings including its prime site at Bloor Street and Avenue Road directly across from the Royal Ontario Museum.
Plazacorp has built more than 4,000 condominium residences during the past 20 years.
Metropia is a national real estate company devoted to urban development and renewal. Its founder and CEO Howard Sokolowski is also the former co-owner of the Canadian Football League’s Toronto Argonauts.
As the former Chief Executive Officer and Co-Founder of Tribute Communities, Mr. Sokolowski earned a stellar reputation as one of the largest homebuilders in Canada: building over 25,000 homes across Ontario.
“The location, just a block south of Yonge and Sheppard and connected to the Sheppard subway station is so superb that it is literally a retailer’s dream,” he adds. “The decision to make the space available as condominium rather than leased space also played a major role.”