VAUGHAN. ONT. — Two additional Transit City Condo towers will be built in SmartCentres Place, a mixed-use development in the Vaughan Metropolitan Centre in Vaughan, Ont.
SmartCentres Real Estate Investment Trust and the Penguin Group of Companies, owned by Mitchell Goldhar, have entered into another joint venture with CentreCourt to develop the two towers, which are known as Towers 4 and 5. Construction on Towers 1, 2 and 3 is well underway with the topping off of the three 55-storey towers expected by the end of 2019, and closings anticipated from late 2020/early 2021. Construction of towers 4 and 5 will begin later in 2019, indicates a release.
SmartCentres and Penguin alone will also develop a sixth tower as a purpose-built rental apartment. Towers 4 and 5 will be 50 and 45 storeys respectively while the apartment building will be 35 storeys. The three new towers total approximately 1,600 rental and condominium units, which will contribute to the rapidly expanding downtown core that Penguin and SmartCentres are developing in the city centre, the release continues.
The three towers, designed by Diamond Schmitt Architects, will be located adjacent to the TTC subway station connecting SmartCentres Place directly to downtown Toronto. This phase includes expansive open green spaces designed by Claude Cormier & Associes.
“These new residential towers will be in an ideal location in close proximity to the TTC subway, regional bus terminal, the YMCA, and all the other amenities of SmartCentres Place. Residents of TC4 and TC5 will also have direct access to 20,000 square feet of amenity space, accessible only to residents of TC’s newest phase — an unparalleled space for working out, swimming, relaxing and socializing,” said Andrew Hoffman, CEO of CentreCourt, in a statement.
Construction is almost complete on the 220,000-square-foot mixed-use tower that will feature PwC as the lead office tenant, a 100,000-square-foot flagship YMCA and a 20,000-square-foot City of Vaughan library and studio space.