Transit City Condo Towers in Vaughan ‘substantially sold out’

The construction of Towers 4 & 5 is expected to begin in late 2019 or early 2020

Yorkregion.com
May 7, 2019
Dina Al-Shibeeb

Two pre-built condo towers at Vaughan Metropolitan Centre (VMC) totalling 1,000 residential units, are “substantially” sold out, a released said Monday.

SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU:UN) and Mitchell Goldhar said they were “pleased” that their Transit City Condo Towers 4 & 5, 45 and 50 storeys, respectively, in SmartCentres Place are mostly sold out.

Goldhar, a major land developer, had his two companies SmartCentres and the Penguin Group of Companies sign in February a joint-venture deal with CentreCourt, a condo developer in the GTA, to build these two towers.

The actual sales figures will result in SmartCentres projecting a return on costs in excess of 20 per cent, the release added. The construction of Towers 4 & 5 is expected to begin in late 2019/early 2020.

“As we anticipated, there is continued strong interest in SmartCentres Place for residential, office and retail uses,” said Goldhar in a statement.

“The market understands the significance of a master planned 100-acre city centre where priority is given to open spaces around buildings.”

Andrew Hoffman, CentreCourt’s CEO, said the sales response to the towers has been “tremendous.”

He added that the units were “substantially sold out on both towers in under a month” but he didn’t specify when exactly.

The two towers were designed by Diamond Schmitt Architects to complement Transit City Condo Towers 1, 2 and 3 which are currently under construction and when complete will each be 55 storeys, with a total of 1,760 residential units.

Transit City Condo Towers 1, 2 and 3 are expected to be topped off in late 2019 and closings are anticipated in late 2020/early 2021.

Total units comprising all five Transit City Condo Towers equals approximately 2,760 units.