SmartCentres Real Estate Investment Trust and the Penguin Group of Companies owned by Mitchell Goldhar have announced that they have formed a joint venture with CentreCourt to build two additional Transit City Condo towers in SmartCentres Place at the Vaughan Metropolitan Centre per York Link.
These two towers, known as Towers 4 and 5, will round off Towers 1, 2 and 3, the three 55 storey towers which were introduced in May 2017. SmartCentres and Penguin will also develop a sixth tower as a purpose-built rental apartment. The three new towers will bring a total of 1600 units to the downtown core.
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Towers 4 and 5 will be 50 and 45 storeys while the apartment building will be 35 storeys. The three towers which are designed by Diamond Schmitt Architects, will be located next to the TTC subway station connecting SmartCentres Place directly to downtown Toronto. This phase will include expansive open green spaces designed by Claude Cormier & Associates. The open spaces are an integral part of the master plan at SmartCentres Place.
"We have been overwhelmed by the positive response to Transit City Condos and anticipate that the market will continue to recognize the many positive traits of the 100 acre downtown core we are developing. Adjacent to mass transit, open green spaces will include our 9 acre central park and the community amenities making SmartCentres Place a very attractive place to live. This rental building represents an exciting new initiative into the rental residential sector for SmartCentres. We anticipate more to follow."
Executive Chairman of the Board of SmartCentres | Mitchell Goldhar
Construction is expected to begin later in 2019 after significant sales are achieved. Construction of Towers 1, 2 and 3 is well underway and the topping off of the three 55 storey towers is expected by the end of 2019. Construction is almost finished on the 220,000 square foot mixed use tower consisting of PwC as the lead office tenant, a 100,000 square foot flagship YMCA with child care and fitness facilities and a 20,000 square foot City of Vaughan library and studio space. Occupancy is expected by late spring of 2019.
According to Urban Toronto, the taller 50 storey Tower 4 is planned to rise to 174.32 metres high and contain 566 condo units. the 45 storey Tower 5 will rise 148.1 metres, with another 565 condo units. The 35 storey west building will rise 118.52 metres, with 429 rental units.
DataBid is currently reporting on this project - Transit City Condominium - Vaughan (0040041817)