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SmartREIT and partner Mitchell Goldhar this week unveiled plans for a new 220k SF Class-A office tower at Vaughan Metropolitan Centre that’ll have PwC Canada as its anchor. VMC, a new downtown for Vaughan at Highways 400 and 7, will be a 40M SF development centred around new mass transit, including a subway connecting directly to downtown Toronto. The PwC tower will be adjacent to the 360k SF KPMG office tower (above), opening in October. The new office tower also will be home to a 100k SF flagship YMCA with childcare, fitness and aquatic facilities, plus a 20k SF City of Vaughan library and studio space.
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VMC is Canada's largest urban mixed-use development, noted SmartREIT CEO Huw Thomas, whose firm owns 53 acres of developable land around the subway station in a 50/50 JV with Mitchell, SmartREIT’s chair and largest unit holder. The partners plan to develop 8M to 10M SF of commercial, residential and retail there as part of a 100-acre master planned project (the remainder of the land is owned by Mitchell in partnership with others). The VMC ultimately will have 17M SF of mixed-use space and a nine-acre park. The subway station, the GTA’s most northerly, opens in late 2017.
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