Smart Real Estate Investment Trust (SmartREIT) and Mitchell Goldhar have announced that the first and second condo towers at Transit City, located in SmartCentres Place at Vaughan Metropolitan Centre, are substantially sold out. As a result of the actual sales figures, SmartREIT has amended its previously announced guidance by increasing profitability on these two condo towers to an estimated return of 25 to 30 per cent on costs, up from the previously announced 15 to 20 per cent.
Transit City Condos, a joint venture between SmartREIT, Mitchell Goldhar and CentreCourt Developments, is the first residential development at SmartCentres Place. Each of these sold-out residential towers are 55 storeys, making them the tallest buildings in Vaughan. The towers include 1,110 residential units that are located steps from the TTC’s Vaughan Metropolitan Centre subway station, which will be open soon. The subway station is located in the hub of SmartCentres Place.
Residents of Transit City Condos will enjoy a traffic-free commute from Highways 7 and 400 to all parts of the GTA, including a direct link to downtown Toronto and all neighbourhoods in between through the subway line.
Designed by Diamond Schmitt Architects, with interiors designed by Figure3 and landscaping by Claude Cormier & Associés, the development’s North Tower will also feature the first BUCA-branded restaurant and BAR BUCA located outside of downtown Toronto.
“Proximity to transit, the unifying green spaces featuring our nine-acre park, has translated into strong demand for these units. This is a people-first, pedestrian city. And the people get that,” said Mitchell Goldhar, Chairman of the Board of SmartREIT. “After years of planning, SmartCentres Place is finally taking shape, and taking shape fast. We anticipate continued, high quality interest for office, retail and residential for the foreseeable future.”
Construction on Transit City Condos is expected to begin in late 2017. Construction is already underway on SmartCentres Place, the 220,000 square foot mixed use building featuring a 100,000 square foot flagship YMCA with child care and health and fitness facilities, and a 20,000 square foot City of Vaughan Library and studio space.
SmartCentres Place has been planned has a pedestrian-oriented community with a mix of uses including office, residential, retail and civic, anchored by a large central park with many connected open spaces throughout its 100 acres.