Goldhar, CentreCourt to build 3 towers with 1,600 condos in Vaughan

One of the towers will be a purpose-built rental apartment of 35 storeys

Yorkregion.com
Feb. 7, 2019
Dina Al-Shibeeb

Mitchell Goldhar has entered into a joint venture with CentreCourt to build three towers in Vaughan, the developers announced Monday Feb. 4.

If built, the deal could add up to 1,600 condo apartments to a market mired by rental shortage and hefty real estate prices.

Goldhar, a major land developer, had his two companies SmartCentres Real Estate Investment Trust (SRU-UN-T) and the Penguin Group of Companies sign a joint-venture deal with CentreCourt, a condo developer in the GTA, to build two towers.

The two Transit City Condo towers, which will be known as Towers 4 and 5, standing at 50 and 45 storeys respectively, will be at the Vaughan Metropolitan Centre (VMC).

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Marketing of Towers 4 and 5 will commence in the spring and construction will begin later in 2019 after “significant sales” are achieved.

The two towers will complement Towers 1, 2 and 3 SmartCentres Place at VMC, which sold out when introduced to the market in May 2017.

“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,” said Goldhar, who is also executive chairman of the board of SmartCentres.

“Adjacency to mass transit, open green spaces including our nine-acre central park and the community amenities make SmartCentres Place a very attractive place to live.”

Third tower

Meanwhile, SmartCentres and Penguin will also develop the sixth tower as a purpose-built rental apartment of 35 storeys.

Goldhar described the rental building as “an exciting new initiative into the rental residential sector for SmartCentres.”

He added: “We anticipate more to follow.”

The three towers, all adjacent to the TTC subway station, were designed by Diamond Schmitt Architects.