More density is coming to Vaughan, the city bordering Toronto’s north.
Plans for a 700-unit, high-rise development at the forthcoming SmartCentres Place were announced today in a news release from SmartREIT, a real estate investment trust, and Mitchell Goldhar, who is responsible for Wal-Mart’s entry into Canada.
The two are partnering with big-time builder CentreCourt Developments for the project, which is set to rise in Vaughan Metropolitan Centre.
It is near the planned site for the Vaughan Metropolitan Centre subway station, part of the Toronto-York Spadina extension connecting the area to downtown Toronto.
The joint venture, which has yet to be finalized, will give CentreCourt a 50 per cent interest in the two-tower, 35-storey project.
Goldhar says the City of Vaughan and local community have been extensively involved in the development plans.
“CentreCourt has embraced our vision for the site,” he says in a statement.
“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,” he adds.
Sales are slated to kick off in spring or summer 2017, the developers say.
CentreCourt recently launched sales at Axis, a 575-unit, 38-storey condo tower at 411 Church Street in across from Maple Leaf Gardens.