Wednesday, 23 October 2013

Calloway REIT Announces Major Mixed Used Development with 50/50 joint venture with SmartCentres

Calloway REIT Announces Major Mixed Used Development

Calloway REIT Announces Major Mixed Used Development


- Calloway Real Estate Investment Trust (Calloway) (TSX:CWT.UN) today announced a 50/50 joint venture with SmartCentres to develop a vast tract of land (53 acres) within the Vaughan Metropolitan Centre (VMC). The Calloway VMC lands are strategically located adjacent to the terminus of the Spadina-York subway station in Vaughan and will be home to almost 6 million square feet of commercial, residential and retail development. Construction of the first building will begin in 2013.

"The Calloway lands will be the heart of the VMC," said Al Mawani, President & CEO of Calloway. "The VMC is the most exciting urban development in all of Canada. The Vaughan subway station together with the new regional bus terminal will connect the 905 to downtown Toronto and downtown Toronto to the 905. Also, the close proximity to the major roads and highway infrastructure, namely Highways 400, 407 and 7, makes our property a uniquely attractive location for corporate offices, retail and new residential development." Calloway's VMC lands are currently "virtually undeveloped".

apartment for rent

To put this in context, upon completion, the Calloway JV lands will be similar in uses, densities, public transit and size to an area bounded by Bloor Street to Charles Street and Avenue Road to Jarvis Street in Toronto. The first building to be constructed under the Calloway JV will be a Diamond & Schmitt Architects designed 300,000 square foot office tower with KPMG (one of Canada's largest international accounting firms) as the lead tenant. Construction is scheduled to begin in 2013 with completion in 2015.

When complete, the 1200 people who will work in the KPMG Tower will have direct connections to both the subway station and the regional bus terminal by an underground pedestrian tunnel. Plans for the Calloway JV also include a major central park, civic square, and other associated uses supporting such urban city centres. 

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