Developers Break Ground at Festival, The Largest New Mixed-Use Development in Vaughan's Metropolitan Centre
Oct. 6, 2021
MENKES AND QUADREAL START CONSTRUCTION ON VMC'S TALLEST NEW CONDOMINIUM TOWER
Menkes Developments Ltd. ("Menkes"), and QuadReal broke ground today in a ceremony marking the start of construction at Festival, the four-tower community which will be the largest in the heart of the burgeoning Vaughan Metropolitan Centre ("VMC") and include the tallest building tower in the City's centre. The 59-storey tower, which will be the tallest residential building at VMC, will anchor Menkes' and QuadReal's master-planned redevelopment of the 5.5-acre community, bounded on the north and south by Highways 7 and 407, and Hwy 400 to the west.
Pictured (L-R): Vaughan Ward 4 Councillor Sandra Yeung-Racco; Menkes President of High Rise Alan Menkes; Vaughan Mayor Maurizio Bevilacqua; and QuadReal’s Executive Vice President of Development Toby Yu. (CNW Group/Menkes Developments Ltd)
Being developed in phases, the complete new community will be home to more than 4500 residents and will feature four towers and a total of 2,470 residential suites, as well as an animated central plaza that encompasses 85,000 square feet of commercial space with dining, shopping and lifestyle services.
Festival will feature a range of indoor and outdoor amenities, public open spaces and a covered pedestrian mews. South VMC will include 2,600,000 square feet of office space and more than 4300 square feet of retail space across 45 acres of dedicated non-residential development space.
"With our partners at QuadReal, we are committed to creating a truly urban new community in the heart of the VMC," says Alan Menkes, President, Menkes High Rise. "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, outdoor uses, 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," he adds.
The developers worked collaboratively 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," said Vaughan's Mayor Maurizio Bevilacqua. "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."
QuadReal's Executive Vice President of Development, Toby Wu says that supporting the vision for the VMC was critical to the vision of our new community. "We are committed to creating rich, diverse mixed-use communities that benefit from shared commitments to higher-order transit expansion, urban density and smart intensification."
Occupancies at Festival are anticipated to begin in the fall of 2024.