A 53-acre Master Plan for Vaughan
By Lucas on Nov 02, 2012
It was announced this week that Calloway REIT reached an agreement with SmartCentres to develop a 53-acre master-planned community in Vaughan. The plan calls for six million square feet of commercial, residential, and retail development based around the Vaughan subway expansion. Construction is tentatively scheduled to begin in 2013.
“The Calloway lands will be the heart of the Vaughan Metropolis Centre,” said Al Mawani, president & CEO of Calloway. “The Vaughan Metropolis Centre is the most exciting urban development in all of Canada. The Vaughan subway station together with the new regional bus terminal will connect the 905 to downtown Toronto and downtown Toronto to the 905. Also, the close proximity to the major roads and highway infrastructure, namely highways 400, 407 and 7, make our property a uniquely attractive location for corporate offices, retail and new residential development.”
The first tower to be developed at the site will be a 300,000-square-foot office tower, which will feature KPMG as the lead tenant. Some additional plans for the area call for a major central park, a civic square, and other uses.
“This joint venture with Calloway will leverage the strengths of both companies and will be implemented by a team of urban planning and development professionals with extensive experience,” said Mitchell Goldhar, president and owner of SmartCentres. “You cannot underestimate the impact of a subway on developable land.”
Because of Vaughan’s potential and infrastructure, it has become a “go-to” for developers in recent years. With the addition of Expo, a multi-phased project by the Cortel Group, Vaughan is truly booming, and we are excited to watch it transform.
