DEVELOPERS BREAK GROUND AT BRAVO, THE NEXT PHASE OF FESTIVAL IN VAUGHAN METROPOLITAN CENTRE
MENKES AND QUADREAL START CONSTRUCTION ON THE NEXT PHASE OF THE LARGEST MIXED-USE DEVELOPMENT IN VMC
VAUGHAN, ON, April 2, 2024 /CNW/ - Menkes Developments Ltd. ("Menkes"), and QuadReal Property Group ("QuadReal") broke ground today in a ceremony marking the start of construction on the East Tower at Bravo, the three-tower, community consisting of 32, 41 and 51-storeys. Bravo marks the second phase of the Company's Festival brand, the largest mixed-use development in the heart of the burgeoning Vaughan Metropolitan Centre ("VMC"), and Canada's best-selling community in 2020 and 2021.
Bravo is a multi-faceted mixed-use community designed to integrate seamlessly into the fabric of the evolving and rapidly growing VMC. Bravo's three towers contain 1,654 residential units, at grade retail, a pedestrian mews, and a privately-owned public space, known as POPS. It will feature a range of indoor and outdoor amenities, open spaces and an animated retail promenade, which will include eclectic bistros, cafes, and shops. The project is part of Menkes and QuadReal's master-planned redevelopment of the 83-acre community known as Assembly Park in Vaughan, bounded on the north and south by Highways 7 and 407, and Hwy 400 to the west.
Just steps from Vaughan's lively entertainment and cultural hubs, once complete, Bravo will offer proximity to a multitude of experiences, activities and transit, including Vaughan Metropolitan Centre Station. Arts, shopping, sports, vast parks and attractions all come together to create a fun environment for residents of all ages to enjoy. Future residents at Bravo will enjoy the retail promenade, and throughout the warmer months it is envisioned that the community will be home to outdoor retail pop-ups, such as culinary festivals and farmer's markets.
"With our partners at QuadReal, we are committed to creating a truly urban new community in the heart of the VMC, said Jared Menkes, Executive Vice President, High Rise at Menkes. "Bravo is designed around the themes of connectivity and convenience, offering future 905'ers a lifestyle typically only available in the heart of downtown Toronto. Building off the success of Festival, we are proud to continue to offer affordable home ownership opportunities in this dynamic location."
Bravo will also offer a wide array of amenities for both adults and children, thus catering to a wider demographic and being more inclusive of the growing segment of young families living in condos today. Some amenities include: a co-work space; chef's kitchen; a fully-equipped gym, including dry sauna and meditation areas; a music lounge; an indoor children's playroom as well as outdoor play area; outdoor screening theatre; social spaces adults, including a party room and games & card room; and even a pet spa, equipped with convenient wash stations.
"Our city is swiftly progressing in housing construction to provide our children the chance to own a home," said Steven Del Duca, Mayor of Vaughan. "Making homeownership a reality, not just discussion, is our imperative. Collaborating with partners like Menkes Developments Ltd. and QuadReal Property Group, we're actualizing this dream. Their new development, Bravo, offers fantastic opportunities in Vaughan's downtown, the Vaughan Metropolitan Centre. I want to thank Menkes and QuadReal's ongoing leadership and investment in the City of Vaughan."
"The City of Vaughan is an important partner, and we are thrilled to see our shared vision for the VMC take another step forward," said Toby Wu, Executive Vice President of Development at QuadReal. "QuadReal is excited to work with Menkes to deliver much needed housing and create a community and cultural hub, complete with retail, green spaces, and infrastructure dedicated to arts and cultures. All of which are essential elements for a vibrant VMC."
The developers worked collaboratively with the City of Vaughan's planning staff and political leaders to ensure development plans for Bravo, and the broader Festival community, supporting municipal objectives for those living and working in one of Canada's fastest growing cities.
The first two towers- East and West- at Bravo launched last summer and it was one of the GTA's most successful pre-construction condo launches in 2023. Those towers are now 80% sold. Sales for the third and final tower in the project, the South Tower known as Encore, will launch this Spring.
Occupancies at Bravo are anticipated to begin early 2028.
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, please visit menkes.com and follow @MenkesLife.
Headquartered in Vancouver, Canada, QuadReal is a global real estate investment, operating and development company.
QuadReal manages the real estate and mortgage programs of BCI, one of Canada's largest asset managers with a $153.4 billion portfolio as of March 31, 2019.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.
BCI QuadReal Realty is an actively managed pooled investment portfolio of real estate and real estate-related investments. All the assets of BQR are held in trust by BCI and managed by QuadReal Property Group. BQR's holdings span property types, geographic locations, investment sizes and risk profiles. BQR's investment strategy is to be well-diversified and to hold quality properties and investments that will perform well across multiple economic cycles. BQR was formerly known as Realpool Investment Fund.
www.quadreal.com
SOURCE Menkes Developments Ltd
Jamie Okorofsky, Menkes Developments, [email protected]
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