SmartCentres Replaces Vaughan Housing With Office Proposal
SmartCentres is replacing a planned residential space with an office building at its SmartVMC community in Vaughan.
The company presented the new employment-focused Block A8 project, part of its ArtWalk District, to Vaughan’s Design Review Panel. The site had previously been intended for housing within the seven-building district.
The change follows a strategy SmartCentres discussed during its second-quarter call. As Connect CRE reported, the company is concentrating its near-term growth on commercial properties while stepping back from some highrise residential plans.
The proposal comes as Vaughan tries to maintain a balance between housing and employment in its emerging downtown. Residential development has moved far beyond the city’s original forecast, while Vaughan said in its latest development update that more than 1.6 million square feet of office space had been built or approved in the Vaughan Metropolitan Centre.
Vaughan is now placing greater emphasis on employment as it updates its vision for the district. Block A8 would add office space next to the Vaughan Metropolitan Centre subway station, where SmartCentres has already developed towers occupied by KPMG and PwC.
SmartCentres is not abandoning housing at SmartVMC. Construction continues on the 340-unit ArtWalk condominium, which was 93 per cent presold as of June 30. Work has also started on an adjoining 65-unit rental building.
Block A8 remains at a design-review stage and has not received final development approval.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout