Builder Roundup: Plaza
Plaza continues its winning streak, whether in the 416 or 905
Whether it’s in downtown Toronto or 905 hotspots Mississauga or Vaughan, Plaza continues its winning streak for creating sought-after new condo addresses in the best locations.
Plaza has just launched Mississauga Square at Hurontario Street and Eglinton Avenue, one of that city’s hottest up-and-coming locations, to early success, selling in excess of 300 units in the first few days. There were 402 units, including 19 townhouses, available.
In March, it launched the highly anticipated Plaza Midtown Condos in Toronto’s popular Yonge-Eglinton neighbourhood. The condos in 34 and 27-storey towers, along with eight townhomes, between Holly Street and Dunfield Avenue, is now over 80% sold with construction commencing in the near future. Plaza Midtown is located just steps to the subway and the new Crosstown LRT and is in the midst of shops, restaurants, offices, schools and parks in a highly walkable neighbourhood.
And construction has started on The Met, Plaza’s first 905 project that sold out soon after it was launched in 2016. The highrise tower is in the heart of the new Vaughan Metropolitan Centre (VMC), a visionary live-work-play master-planned community that will form a new downtown for the suburban municipality. The VMC and The Met will be served by the Toronto-York Spadina Subway Extension, due to open later this year.
What all three projects share are proximity to good public transit. “There is demand for product on subway lines, but the interesting thing about Mississauga is that its LRT is approved and funded and it is part of the SmartTrack GTA transit plan,” explains McLellan. “It will run 20 kilometres from Brampton to Port Credit. It will run by our building and will be ready soon after Mississauga Square is completed. Being on a good transit line is a big driver for our projects.”
Plaza has maintained its market edge by choosing the best, transit- oriented locations, responding to market need, and providing excellent customer service. At The Met, Plaza Midtown and Mississauga Square, Plaza responded to what it saw as a gap in the market and offered large two-bedroom suites, which have been a big hit with buyers and the first to sell at the recent projects.
Plaza’s success seems destined to continue with projects it will launch over the next couple of years, given the desirability of their locations.
“The future is certainly bright as far as location goes,” says McLellan. “The brokerage community is excited and has stayed loyal to our product as they understand our locations are among the best of any developer’s.”
Coming soon will be 170 Spadina, a building that could prove to be one of the hottest addresses in the city, steps from hip Queen Street West and the Fashion District. It will be close to the Queen and Spadina streetcars and within walking distance of the Osgoode subway station.
Planned for launch next year is a 400-unit project at Yonge St. and Drewry Avenue in North York that’s an easy walk to the Finch subway station and close to stores, restaurants, pubs and entertainment venues. Within the next two years, watch for new Plaza projects at Yonge and Wellesley, the Theatre District Residence at Widmer and Adelaide and a new condo at the Mountain Equipment Coop site at 400 King Street West.
Plaza has also set its sights west of the downtown with a project planned for Bloor and Jane Streets. “This one is exciting and it’s a different kind of market,” says McLellan. “I think we are going to see a lot of move-down buyers there. It’s almost considered South Etobicoke and is in the Humber View, South Kingsway area. There will certainly be demand from empty nesters who want to downsize from large homes in the area, but I also see young professionals making a buying decision here as it will be metres from the Jane Street station and there will be a significant retail component along Bloor, keeping with the tradition of Old Bloor Village, with shops you can walk to.”
McLellan is optimistic about the future of the current and future GTA condo market: “The affordability factor of condos is going to continue to drive the market and it’s still going to be strong.”
For information on current Plaza projects or those coming soon, visit PurePlaza.com.