MENKES AND QUADREAL "TOP OFF" AT FESTIVAL, CANADA'S BEST-SELLING CONDOMINIUM COMMUNITY IN VAUGHAN METROPOLITAN CENTRE
VAUGHAN, ON, Dec. 11, 2024 /CNW/ - Menkes Developments Ltd. ("Menkes"), and QuadReal Property Group ("QuadReal") are pleased to announce the successful "topping off" of Festival, a four-tower community in the heart of south Vaughan Metropolitan Centre ("VMC"). Festival is already an architectural landmark on the Vaughan skyline with its distinctive sculptural white balconies and its tallest tower standing at 190.5 meters, making it the tallest building in all of VMC. The "topping off" is a major milestone in the construction progress, signifying the completion of the entire community's exterior structural framework.
Festival broke ground in early 2021 and was named Canada's Best-Selling Condominium Community for two consecutive years in 2020 and 2021. The development sits on a 5.5-acre property bounded on the north and south by Highways 7 and 407, and Hwy 400 to the west. Festival is a significant project boasting 2,470 residential units across 4 towers ranging in height from 41 to 59 storeys, 70,000 square feet of state-of-the-art indoor amenities, 85,000 square feet of commercial space, ample public open spaces, and a covered pedestrian mews connecting residents and visitors to future phases of the masterplan. The overall value of Festival is $1.5 billion dollars.
"As one of the fastest growing cities in Canada, the City of Vaughan is committed to delivering more housing options for our residents and future generations. I am proud to mark this historic milestone for Festival where families can soon call the Vaughan Metropolitan Centre home,", said Steven Del Duca, Mayor of Vaughan. "I want to thank Menkes Developments Ltd. and QuadReal Property Group for their dedication and support in getting more homes built in the city of Vaughan. By working together, we will help make housing more affordable for young families."
"Festival is like no other project in the GTA – it's an ambitious, all-encompassing community that sets a new industry standard in Vaughan. We brought the urban lifestyle that we deliver in our large mixed-use projects like Harbour Plaza in the South Core and Sugar Wharf on Toronto's Waterfront to the VMC," said Jared Menkes, Executive Vice President of High Rise Residential, Menkes. "We worked collaboratively with the City of Vaughan's political leaders and planning staff to develop Festival to meet the needs of residents in one of Canada's fastest growing cities. Festival is a testament to all that can be accomplished when we work together."
The first tower at Festival began welcoming residents earlier this year, with occupancies expected to continue for all towers through to Fall 2025. Festival will eventually be home to over 5,000 residents.
"The creation of both Festival and the broader Assembly Park community has been a collaborative and thoughtful process, and we are thrilled to officially top off this dynamic part of the new Vaughan Metropolitan Centre," said Toby Wu, Executive Vice President, Development, Canada, QuadReal. "Leveraging a long-term approach to investment and development enables us to build thriving communities in markets where people want to live. Thank you to the QuadReal team and our partners at Menkes and the City of Vaughan for helping us bring our vision to life."
Menkes and QuadReal have been the most active developers in VMC since 2019, with over 5,200 residential units built, under construction, and pre-selling. The partners recently completed Mobilio, VMC's first mixed-density residential community with three mid-rise condominium towers (750 units), 400 townhouses, park space and amenities all in one site.
Following the success of the four Festival towers that are now commencing occupancies, last year Menkes and QuadReal launched the next phase of the masterplan known as Bravo – a three-tower community directly south of Festival. Bravo will feature 1,654 residential units, at grade retail, the continuation of the covered pedestrian mews, and a privately-owned public park space.
The first two towers – East and West – at Bravo are currently 80% sold after being one of the GTA's best-selling communities in 2023. Construction for the first tower began in Spring 2024. The third and final tower in the project, the South Tower also known as Encore, is selling now with a model suite available for viewing at the Festival Discovery Centre. For more information, visit festivalsouthvmc.com.
Leasing of the retail space of Festival has begun and inquiries can be directed to assemblypark.com.
About Menkes Developments Ltd.
Menkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach, superior design, and its expertise in large-scale mixed-used developments. The Company is regarded as one of the most trusted builders in Toronto, with a strong reputation for quality and customer service excellence. Past projects include the Four Seasons Hotel & Residences in Bloor-Yorkville, 25 York Street (Telus Harbour), and the two million square foot Harbour Plaza/One York commercial retail complex located in the South Core Financial District. For more information about Menkes, visit menkes.com and follow @MenkesLife.
About QuadReal Property Group and BCI QuadReal Realty
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are $85 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
Media Contact: Menkes
Danny Roth – droth@brandoncom.ca
Media Contact: QuadReal
Hannah Wanlin – hannah.wanlin@quadreal.com
SOURCE Menkes Developments Ltd.