Menkes Developments Ltd. and QuadReal broke ground in a ceremony marking the start of construction at Festival. This four-tower community will be the largest in the heart of the Vaughan Metropolitan Centre (VCM) and will include the tallest building tower in the City's centre, standing at 59 storeys.
Urban Toronto states that the 59 storey tower will anchor Menkes' and QuadReal's master-planned redevelopment of the 5.5 acre community located between Highways 7 and 407 and running eastward from Jane Street to Highway 400.
The development will be constructed in phases. When it is completed, the community will include:
- Home to more than 4,500 residents
- Feature total of 2,470 residential suites between its four towers
- An animated central plaza
- 85,000 feet of commercial space for dining, shopping and lifestyle services
"With our partners at QuadReal, we are committed to creating a truly urban new community in the heart of the VMC. That meant more than just delivering places for people to live. It meant creating a fully functioning, diverse community with a mix of uses, including retail spaces, office accommodation, and compelling lifestyle options. It needed to appeal to the mix of residents, employers and employees and guests that will live, work and play here, and it needed to reflect the commitment of City leaders to create a thriving downtown core around our community."
President of Menkes High Rise | Alan Menkes
Festival will also feature:
- Indoor and outdoor amenities
- Public open spaces
- Covered pedestrian mews
- Located next to Vaughan Metropolitan Centre subway station
Occupancies in the first phase at Festival is expected to begin in the fall of 2024.
According to News Wire, the developers worked together with the City of Vaughan's planning staff and political leaders to ensure development plans for Festival supported municipal objectives for those living and working in one of Canada's fastest growing cities.
"This mixed-use development signifies the growing desirability of Vaughan as a destination for business and investment. VMC contributes to a complete community by introducing a mix of residences that will improve social equity and meet the means of various groups, thereby contributing to the betterment of health with open spaces and amenity areas."
Mayor of Vaughan | Maurizio Bevilacqua
Festival Condos states that Menkes Developments has over 65 years of development experience and has built over 25,000 condominium units. They are highly regarded today as one of the most trusted home builders in Toronto and Canada. They have also developed and managed over 20 million square feet of office, industrial and retail space across the GTA.
QuadReal Properties' pension fund has over $44.2 billion of assets under management. They employ over 1,200 employees in over 25 countries. They also have over 38.7 million square feet of commercial real estate and 12,100 residential suites.
The Vaughan Metropolitan Centre, when completed, will utilize a total of 442 acres of land that will become the core business area of Vaughan. The VMC will eventually provide close to a million square feet of freshly constructed office and commercial spaces and retail space will have around 750,000 square feet of retail potential.