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In Conversation With… Shamez Virani President, CentreCourt

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In Conversation With… Shamez Virani President, CentreCourt

If affordability is top of mind for today’s condo buyers, transit connectivity might be number two on the list. For CentreCourt, this means providing “ground floor” opportunities near transit infrastructure, where buyers can lay claim to the best locations, and capture maximum value.

President Shamez Virani explains, and offers some insight into where buyers might want look next.

Condo Life: CentreCourt is releasing The Forest Hill, a new project said to be among the few with direct transit access in the lobby, to the upcoming Forest Hill Station on the LRT. How is this project coming along?

Shamez Virani: We’ve recently introduced The Forest Hill Condominiums to the market, the first development with a direct connection to the new Eglinton line. This project is located on the southwest corner of Bathurst and Eglinton, giving prospective homeowners the opportunity to live within one of the most coveted neighbourhoods of the city – Forest Hill. We’re offering an approachable price point starting at the high $300,000s with suites ranging from studios to three-bedrooms. The project launched in October and has already received incredible interest from the community. In today’s market, our purchasers understand the value of direct transit connectivity and “getting in on the ground floor” for a future subway line.

CL: You have another project planned at the intersection of Mercer Street and Blue Jays Way, the former site of Wayne Gretzky’s restaurant… so, a sentimental location for many Torontonians. How, if at all, do you plan to honour the history of this site, say, in design, project name or interior accents?

SV: We are excited about bringing a sophisticated, high-end and energetic project to the already vibrant downtown area. Not only will residents of this building benefit with state-of-the-art amenities such as a high-end gym (featuring Peloton bikes and other cutting-edge technology) and social co-working space, but we are looking into designing the building in a way that amplifies the character of the neighbourhood as an employment, culinary and artistic node. It’s critical that the interior and exterior design captures this energy. The project will be named 55 Mercer – for those who know Toronto real estate, there are few other addresses that evoke the cache and excitement of 55 Mercer.

CL: You have other projects planned for Yonge Wellesley, 201 Church and 319 Jarvis. What’s the status and key characteristics of each?

SV: As you note, we have a number of great downtown sites in the rezoning phase that we hope to bring to market in 2020. This is a very exciting time for us at CentreCourt, as we have more in the development pipeline than we have ever had. As we finalize our zoning on these sites and gear up to launch sales, we will be able to share more information regarding the developments. In the interim, our focus is on the upcoming launch of The Forest Hill and gearing up to go to market for 55 Mercer.

CL: The red light-green light development proposal approval process recently adopted by three Toronto city councillors is not going over too well in the development industry. What are your views on this situation?

SV: Toronto is a fast-growing metropolis – the public and private sectors need to work together to support the city’s growth. Our partnership with Metrolinx at The Forest Hill Condominiums at Bathurst and Eglinton is a great example of how public and private can work together to enhance services for Torontonians and transit users through transit-oriented development that is in sync with great planning. We need to continue to encourage development near major transit areas to meet the current housing needs.

CL: Affordability is a growing concern for homebuyers in the GTA, but much of what determines end costs – land use policy and availability and approvals processes – are out of builders’ control. How does CentreCourt address the affordability challenge?

SV: We are focused on bringing more living options to areas that can support new density. We design our suites to be efficient, and price them in a way that allows a broad range of buyers to gain access to a market they would otherwise be priced out of. No better example of this is The Forest Hill Condominiums, where suites will start in the high $300,000s and exist beside homes in Toronto’s most affluent area, which can be 10 to 20 times more expensive.

CL: Where do you see the next homebuilding – and therefore, for customers, homebuying – opportunities in the GTA, in terms of geographic area? You seem to be focused on downtown, transit-centric locations and projects…

SV: At CentreCourt, we’ve focused on areas that are nearby to major amenities, transit networks and pivotal employment areas. A major decision factor for condo buyers is transit connectivity, fostering an area and the access to live, work and play. When you look at the nodes in Toronto and the GTA that are seeing the largest amount of development, opportunity, and capital appreciation, it’s often because major transit infrastructure has been planned or added to the node. Some of the most exciting opportunities going forward will be those that provide a “ground floor” opportunity to be one of the first projects to be built at or near transit infrastructure. These “first movers” tend to be successful and lay claim to the best locations, and capture the maximum value from the growth and maturation of new transit infrastructure.

CL: What’s next for CentreCourt?

SV: Our 55 Mercer and The Forest Hill Condominiums projects are our primary focuses right now, and we are approaching our 10-year anniversary and will have some exciting projects and initiatives to announce.

AND ON A PERSONAL NOTE:

If I wasn’t involved in homebuilding, I would: That’s a hard question, seeing as I told my mom I wanted to “build big buildings” when I was 12 years old and have never veered from this dream since. However, if I wasn’t involved in homebuilding, I would likely be an entrepreneur focused on building a technology business. Entrepreneurship is in my blood and technology is the other industry (aside from real estate development) that I am fascinated by and love to learn more about.

My greatest inspiration in this business is: My mother. She immigrated from Tanzania in the mid-1970s without any formal secondary education or money in the bank, but she never let her circumstances define the amazing life that she built for our family. She has taught me the value of hard and honest work and I am constantly inspired by her. To this day, she remains my primary sounding board on all things business and career related.

When I’m not at the office, I: Love to immerse myself in anything Raptors related. I am a die-hard fan who is still celebrating our championship!

centrecourt.com

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Madison Group, Nobu Hospitality announce Nobu Toronto

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Madison Group, Nobu Hospitality announce Nobu Toronto

Madison Group and Nobu Hospitality announced plans for Nobu Toronto, a dynamic project featuring the first Nobu branded highrise residences, to be developed and sold by the Madison Group, and Canada’s first Nobu Hotel and Nobu Restaurant. This transformative development will anchor a re-envisioned Mercer Street in the heart of Toronto’s Entertainment District.
Nobu Residences Toronto will be dedicated to distinguished luxury, incorporating historical facades from the Pilkington Glass Factory. The fashionable lifestyle residences will feature 700 condominium suites in two dramatic 49-storey towers and a podium complete with indoor and outdoor amenities including ground floor commercial retail, flexible private social function and meeting space, a state-of-the-art fitness centre and Zen Garden outdoor terrace.
Founded by Chef Nobu Matsuhisa and Academy Award winner Robert De Niro, Nobu is one of the world’s most celebrated luxury hospitality brands renowned for its award-winning “new style” Japanese fusion cuisine and exceptional hotel offerings in the world’s most desirable locales.
“For many years we have searched for the perfect opportunity within Toronto to create a true luxury lifestyle destination befitting the acclaimed global city of Toronto and our international brand,” said Trevor Horwell, CEO of Nobu Hospitality. “We are truly excited to announce Nobu Residences, Hotel and Restaurant Toronto which we are crafting to be a game changer in residential living in Toronto and beyond.


“Our partners at Madison Group have an extraordinary vision for the first Nobu Residences, and share our passion to build a truly special integrated residences, hotel and restaurant destination.”
The Nobu Hotel Toronto will offer the ultimate in hotel luxury. Sitting as a cornerstone of the Nobu Hotel, the two-level Nobu restaurant will include a signature bar lounge, outdoor seating and chic private dining rooms.
The architecture and interior design for Nobu Residences Toronto, envisioned by acclaimed Toronto-based, Teeple Architects and interior design firm Studio Munge, will celebrate thoughtful living and superior craftsmanship. Nobu Residences Toronto will be dedicated to distinguished luxury, incorporating historical facades from the Pilkington Glass Factory, maintaining the integrity of iconic elements while fusing striking architectural details in a contemporary aesthetic.
“I cannot think of a singular place that has a more unique and impassioned sensibility than Nobu,” said Josh Zagdanski, vice president highrise at the Madison Group. “You see it in every nuance of its operation – from bespoke hotel suites to tranquil residences and dining experiences that make you say, ‘I could live here.’ We couldn’t be prouder to be working with the team at Nobu Hospitality to give residents and visitors the chance to live with that feeling in Toronto.”
For 55 years, Toronto-based Madison Group is a widely diversified real estate development company with extensive experience in creating master planned communities, award-winning highrise and lowrise residential projects, and a substantial portfolio of office and commercial properties in Toronto and New York City. Madison Group is defined by the talent, dedication and passion of its team; focused on setting the standard for value, design and customer satisfaction.
Named one of luxury’s 25 Most Innovative Brands by Robb Report, Nobu Hospitality is ranked among an elite selection of global luxury brands. The natural growth of Nobu hospitality built on service, image, and reputation, offers the complete spectrum of hotel and restaurant management for unique projects around the world. Founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, with operations spanning five continents, the Nobu brand thrives in the world’s capitals as the ultimate destination lifestyle experience.
Sales of Nobu Residences Toronto will commence summer 2017. For more information about Nobu Residences Toronto please register at http://www.noburesidences.ca/.

 

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