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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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Vaughan SmartCentres Place Will Have It All - Including BUCA

Vaughan SmartCentres Place Will Have It All – Including BUCA

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Vaughan SmartCentres Place Will Have It All – Including BUCA

by Gale Beeby
HPG Editor

“The TTC called,” Mitchell Goldhar, the chairman of Smart Real Estate Investment Trust said at a press conference on April 12, 2017. “I think that’s a first.”

“They wanted to know if I would be interested in developing the area around the new Vaughan subway station.

The phone call led to a joint venture partnership between SmartREIT and CentreCourt Developments that will see the development of Transit City at SmartCentres Place, the largest urban development in the province located at the last stop of the Spadina TTC subway extension at the Vaughan Metropolitan Centre — “or the first stop, depending on how you look at it,” Goldhar said.

Goldhar then started searching for a development partner and landed on CentreCourt Developments. “I wanted a downtown developer who understood smart urban development and that’s CentreCourt. We’re building a new ‘city’ in downtown Vaughan and they have the expertise.”

The 55-storey tower will also be the tallest developments in York Region and, as well as being close to the subway station, will also be steps from the new Vaughan bus terminal, the Viva bus rapidway and an easy drive to major highways.

“It’s key infrastructure,” Goldhar noted.

Transit City will have a stunning lobby featuring a Buca-branded restaurant and Bar Buca — operated by the renowned hospitality provider King Street Food Company — and residents of Transit City will have access to a state-of-the-art, 100,000-square-foot YMCA adjacent to the tower.

“We are very excited about the upcoming sales launch of Transit City,” said Andrew Hoffman, CentreCourt’s CEO. “We are thrilled to be partnering with Mitchell Goldhar and SmartREIT on the first residential phase of one of the largest development projects in Canada.”

“This is a real model for smart growth, featuring distinctive architecture designed by Diamond Schmitt Architects Inc., as well as contemporary interior designs by the award-winning firm of Figure3 and grand landscape plans by internationally renowned landscape architect Claude Cormier, Transit City will be highlighted by a luxurious hotel-inspired lobby with a Buca restaurant and Bar Buca, which will offer morning to evening service and exclusive food delivery for residents.

“The growth of the region the impact of the new subway, and the vision for Transit City, immediately intrigued us,” said Peter Tsebelis of King Street Food Company. “The opportunity to work with the developers of Transit City and contribute to their desire to bring a chic urban lifestyle restaurant concept to the project — coupled with the area’s passion for authentic Italian cuisine — convinced us that this would be a great venture to help us grow the Buca brand.”

Transit City represents the BUCA brand’s first foray outside of downtown Toronto and signals a long-term commitment to the neighborhood.

At the centre of SmartCentres Place will be a nine-acre park that runs directly through the middle of the community.

“These spaces make cities great,” Goldhar said. “People and activity are what makes a place a living, breathing entity. They are the soul of any community.

Transit City is the first condominium building to be proposed within the 100-acre SmartCentres Place which will include 17 million square feet of residential, office and retail space upon completion, as well as a nine-acre acre park, designed by Claude Cormier & Associates.

“The VMC is where you can see policy, politics and business in complete sync. For SmartREIT and myself, Transit City is the inaugural residential development that we expect will be the first of many at SmartCentres Place and elsewhere across Canada,” said Goldhar.

In addition to access to all the amenities of Transit City, residents will receive the benefits of a membership at the brand new YMCA community centre, with a state-of-the-art fitness facility and gym, swimming pool, basketball courts, daycare and a City of Vaughan library.

Transit City will offer purchasers an unsurpassed residential experience in a master- planned mixed-use community, while its location in the heart of the Vaughan Metropolitan Centre, and its connections to transit will offer unparalleled access to the GTA. Transit City is currently being considered for approvals by the City of Vaughan and sales are expected to open later this spring.

CentreCourt was behind the most successful condo launches in recent history including Peter Street Condos, Karma Condos, INDX Condos, Core Condos, Grid Condos and Axis Condos. For more information on CentreCourt, visit centrecourt.com Mitchell Goldhar is the founder of SmartREIT and has developed 56 million square feet in 265 shopping centres in all provinces across Canada. In addition, Penguin Properties Inc., Goldhar’s private company is at various stages of development of many properties across the country, including his interest in the VMC 100-acre master-planned development.

Transit City is currently being considered for approvals by the City of Vaughan and sales are expected to open later this spring.

centrecourt.com


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