Vaughan Metropolitan Centre Condos

Vaughan Metropolitan Centre

The city of Vaughan has over the years started to gain importance and has become a crucial part of the Greater Toronto Area owing to its large and significant development project in its history, which is the revitalization initiative that will transform it to a major downtown destination. The Vaughan Metropolitan Centre or the VMC is a central business district in the city of Vaughan that stretches over 442 acres. It is bordered by Portage Parkway to the north, Highway 407 to the south, Creditstone to the east and Highway 400 to the west. Although much of the area is still under development, the new district already has some massive economic and population growth in the pipeline. It has been estimated that by the year 2031, the Vaughan Metropolitan Centre will have a population of 25,000 residents living in approximately 12,000 new residential projects. By this time, Vaughan Metropolitan Centre will be home to 1.5 million square feet of new commercial office spaces along with new retail spaces of 75,000 square feet. These new developments will not only bring about a chance in the essence of the neighborhood but will also offer employment to about 11,500 workers. Vaughan Metropolitan Centre in the coming years seeks to provide local residents with a urban life of high standard through coordinated development of multiutility workplace towers, open green spaces, luxurious residential buildings, hotels, restaurants, community-friendly squares, unique cultural spaces, street-level retail outlets, pedestrian links and entertainment venues. This will turn Vaughan Metropolitan Centre into a neighborhood where residents can live, work and play.
To ensure an economic growth of significance in Vaughan Metropolitan Centre, the city plans to promote commercial development here by offering office costs at a reduced rate. The VMC’s Community Improvement Plan consists of a considerate amount of financial incentives along with planning tools such as reductions and deferrals on city development charges, a tax increment equivalent grant that will offset incremental assessment increases, cash in lieu parkland exemptions that will offer discounts of $4,400 for every residential unit in mixed-use projects, and expedited development approvals by which the proposed projects can be delivered as soon as possible. With much more on the way, the incentives have already been utilized in the construction on the 365,000 square feet KPMG Tower, which is a Class-A office building with 65,000 square feet of retail space and has received the 2017 NAIOP Greater Toronto Rex Aware for Office Development of the Year. Vaughan Metropolitan Centre is also home to several residential condo developments that include the CG Tower, which is a 554-unit 60-storey architectural marvel that will be the tallest building in Vaughan once the construction is completed in September 2021. Besides this, the neighborhood also has the PwC-YMCA Tower that is expected to open in 2020. This 9-story, 220,00 square foot building will consist of 36,000 square feet of space that will be assigned for a new library branch which will perform arts studio and community kitchen while the other 77,000 square feet will be reserved for a new branch of the YMCA which will consist of a pool, non-for-profit child care facilities and a fitness area.