Grand central mimico . Made a grand plan. The project is located in the The Mimico Triangle area south of Yitobi Valley, which has been identified as a priority renewal area by the city of Toronto.Please Visit: Grand central mimico to Get Your VVIP Registration Today!
VANDYK is the main landowner of the 55-acre land and, Freed Developments also owns a large stake.
VANDYK began assembling its properties in the area from different existing landowners in 2017 and received final rezoning approval for its mixed-use development plan at the end of last year. Sherman Chen (Sherman Chan), vice president and managing director of real estate, said the Missouri-based company had a total land acquisition cost of about $150 million to assemble the Grand Central Mimico.
“the biggest attraction for us is the amount of external investment activity that is taking place, and not many people are aware of that,” Chan told RENX.
This includes investment in the city of Toronto to improve roads, sewers and infrastructure, while revitalizing the 15-acre park. Metrolinx and the Ontario government have also invested in upgrading GO Transit stations and services on the western line of the lake shore.
“because a lot of improvements have taken place immediately in this area, this is very attractive to VANDYK because what is missing is that developers and operators integrate all these parts and provide a new community,” Chen said.
The Grand Central Mimico site is mainly composed of single-story industrial buildings after World War II. VANDYK’s assets are mainly occupied by the following companies: the former film studio; the space leased to Metrolinx for commuter parking; and failed development property previously taken over by the bank, which is now empty.
The private real estate development and investment management company, founded by President and CEO John Vandyk, plans to develop 2.5 million square feet of land for the site, which will be built in three phases.
It will span more than four city blocks, including nine towers, which will be anchored by more than 1.85 million square feet of new homes.
The first phase will include: 765 apartments; about 20000 square feet of retail space, including an urban grocery store and restaurant; and about 30000 square feet of office space. The commercial components will be located on the platform below the house.
Decisions on the suite package, size, pricing and internal facilities are still under way. VANDYK is building a showroom that it hopes to open in late January or February to start apartment sales.
Phases II and III will also be mixed-use, mainly residential, with 2500 apartment units and a new Mimico GO Transit station.
“there will be a green passage for people to and from this new community in Mimico and connect them to other communities, such as Mystic Point and the business district near Royal York,” Chan said. “people are looking for more space, and this is the product we can offer here.”
VANDYK is financing Grand Central Mimico with its own money and traditional debt financing, although it may be willing to accept partners.
“although we have a long-term partnership in equity, we understand that real estate development is a risky proposal,” Chen said. “what we like to do is to take all these risks ourselves in the first place.”
VANDYK is developing two other (GTA) development projects in the Greater Toronto area before launching sales for Grand Central Mimico.
The sold-out Backyard Neighborhood Condos project is also located south of Etobicoke, just north of Queensway. When completed, there will be four buildings. The last two 10-story apartments, The Queensview and The King’s Mill, are tentatively scheduled to move in in April 2022 and February 2024, respectively.
UPtowns has 331 two-bedroom and three-bedroom townhouses overlooking Tambury Golf Club, near the Heart Lake Reserve in Brampton. According to Sherman, 75% of these units have been sold.