Rapid transit to bring rapid growth to Vaughan

Torontosun.com
July 7, 2016
By Neil Sharma

Designated hubs around Ontario are slated for intensification over the coming decades and one in particular is using the opportunity to develop what’s being billed as the second-most vibrant downtown in the GTA after Toronto’s.

Development is underway in Vaughan on the Vaughan Metropolitan Centre - buoyed by a TTC subway extension opening next year, and a multitude of offices and condominiums that will dot the landscape by 2031.

In addition to 1.5 million square feet of office space and 750,000 square feet of retail space, the VMC will lead to the creation of 11,500 jobs, of which 5,000 will be in offices.

Residential development will also be abundant - 12,000 condo units are planned for the VMC, which will house roughly 25,000 new residents.

Vaughan’s mayor, Maurizio Bevilacqua, says the city wasted no time planning the VMC. Within a few years of Places to Grow’s legislation, Vaughan diligently conceptualized its future.

He emphasized the Toronto-York Spadina subway extension is the development’s linchpin and will give Vaughan competitive advantage over other municipalities in attracting residents and companies.

“All future transit facilities will be seamlessly integrated with our new downtown facilities and overall network of streets and open spaces,” said Bevilacqua, adding Union Station will be a 45-minute subway ride from the VMC.

“We believe that rapid transit is essential to high density. Without rapid transit there would be challenges to achieving our intensification targets and greater traffic congestion would result, as well as delays in economic development.”

Through the Community Improvement Plan, the city is incentivizing businesses to headquarter in Vaughan - and it’s working. KPMG is bringing 400 jobs to the VMC.

Vaughan’s annual building permits have averaged over a billion dollars since 1991, making it one of the fastest growing municipalities in the country. But rather than piecemeal development, it is taking a calculated approach.

“We have the great advantage of creating a downtown from scratch,” said Bevilacqua. “We can paint our own canvas. We have all these acres and we’re going to maximize their use in a very intelligent way. We’ll promote walkability with a very pedestrian-friendly environment, and promote the creation of cultural spaces that will make living in Vaughan a unique experience.”

Downtown Vaughan is already experiencing a condo building boom. The Cortel Group is building Expo City - at 37 storeys, phase one of the development will be Vaughan’s tallest building.

Another one of downtown Vaughan’s newest condo projects is The Met, a Plaza Corp. development that set a Vaughan sales record, selling 500 units in six weeks.

Plaza was nominated for a BILD award this year, but the sales record is certainly punctuated by the TTC subway extension.

“(Downtown Vaughan) is going to have it’s own identification, and it’s all predicated on the subway because it gives you the opportunity to be a downtown Toronto person or a downtown Vaughan person,” said Scott McLellan, senior vice president of Plaza, a developer that typically builds in downtown Toronto but couldn’t ignore Vaughan’s potential.

“The Met will allow for appreciation growth maybe more than anywhere else in the city because of the employment opportunities. There will be rapid growth with respect to the appreciation value of the condominiums.”

Brigitte Obregon purchased a unit at The Met for her 21-year-old son but says she and her husband will move in if he doesn’t find the lifestyle suitable. He works in Toronto and presently commutes from Woodbridge by car.

“He won’t have to drive two hours to Toronto, he can just take the subway there,” said Obregon. “That’s why he loves it. He’s in love with the idea of the (downtown) they’re building, and the subway station is what he’s most excited about.”

As a realty broker, Obregon instantly recognized the lifestyle opportunities a fully developed VMC will offer residents new and old. Moreover, it has the added benefit of making downtown Vaughan one of the safest investments in the GTA.

“If you bought a condo 15 years ago in Toronto, how much could you be selling it for today? In 10 or 15 years, how much money are you going to be making once downtown Vaughan is built and the appreciation accrues every year?” she asked. “For investment purposes, the city of Vaughan has more potential than the city of Toronto right now.”