Smart Real Estate Investment Trust (SmartREIT) and Mitchell Goldhar have announced they will soon begin the marketing and development of their first high-rise residential project of approximately 700 units at SmartCentres Place at Highway 400 and Highway 7 in Vaughan, Ont.
The project will be located near the upcoming Vaughan Metropolitan Centre (VMC) subway station, which is expected to be open and operational in December 2017. The subway will connect this region to downtown Toronto.
The high-rise condominium project will be developed in a joint venture with CentreCourt Developments Inc. (CentreCourt), which will have a 50 per cent interest in the project. All parties are currently working together to finalize the submission of plans for a development consisting of two 35-storey towers. The 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,” said Goldhar, Chairman of the Board of SmartREIT. “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.”
The SmartCentres Place community will feature significant public spaces and community and civic uses, including an eight-acre urban park, European-style plazas, one or more schools and community facilities such as a public library and a full-service YMCA community centre of 100,000 square feet that will begin 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,” added Goldhar. “It represents a more affordable option for home ownership on a subway line and other high order transit.”
“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,” said Huw Thomas, CEO of SmartREIT. “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.”