VAUGHAN: Menkes Developments Ltd. (Menkes), and QuadReal on Tuesday broke ground 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 masterplanned redevelopment of the 5.5-acre community, bounded on the north and south by Highways 7 and 407, and Hwy 400 to the west.
Being developed in phases, the complete the 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, office accommodation, 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.
About Menkes Developments Ltd. Menkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area.
Menkes is known for its innovative, multi-disciplinary approach, superior design, and its expertise in large-scale mixedused developments. The Company is regarded as one of the most trusted builders in Toronto, with a strong reputation for quality and customer service excellence. Past projects include the Four Seasons Hotel & Residences in Bloor-Yorkville, 25 York Street (Telus Harbour), and the two million square foot Harbour Plaza/One York commercial retail complex located in the South Core Financial District.
For more information about Menkes, please visit menkes. com and follow @MenkesLife. About QuadReal Property Group and BCI QuadReal Realty Headquartered in Vancouver, Canada, QuadReal is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of BCI, one of Canada’s largest asset managers with a $153.4 billion portfolio as of March 31, 2019.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come. BCI QuadReal Realty is an actively managed pooled investment portfolio of real estate and real estate-related investments.
All the assets of BQR are held in trust by BCI and managed by QuadReal Property Group. BQR’s holdings span property types, geographic locations, investment sizes and risk profiles. BQR’s investment strategy is to be well-diversified and to hold quality properties and investments that will perform well across multiple economic cycles. BQR was formerly known as Realpool Investment Fund. www.quadreal.com