Grand central mimico.VANDYK plans for Toronto Milco Hotel.In the master plan, a new bus customized community in Yitobi Valley on the outskirts of Toronto is called Grand Central Mimico.Please Visit: Grand central mimico to Get Your VVIP Registration Today!
The project is located in the Mimico Triangle area south of Yitobi Valley, which has been identified as a priority regeneration area by the city of Toronto. VANDYK is the main owner of the 55-acre land, while Freed Developments also owns a large stake.
VANDYK began assembling properties in the area from different existing landowners in 2017 and received final zoning approval for its multi-purpose development plan in the second half of last year. Sherman Chen, vice president and managing director of real estate, said the total cost of the Missouri-based company’s land acquisition for the Grand Central Mimico assembly was about $150 million.
“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 a 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 the region, this is very attractive for VANDYK because what is missing is for developers and operators to integrate all these parts and create a new community,” Chen said.
The Greater Central Mimico Base is mainly composed of single-story industrial buildings after the second World War. VANDYK’s assets are mainly occupied by the following companies: former film studios; idle land leased to Metrolinx for commuter parking; and failed development properties previously taken over by banks, which are now empty.
The private real estate development and investment management company, founded by President and CEO John Van Dick (John Vandyk), plans to develop the 2.5 million square foot site 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 city grocery stores and restaurants; and about 30000 square feet of office space. The business components will be on the podium below the house.
Decisions are still being made on the suite package, size, price and internal convenience. VANDYK is building a showroom and hopes to open in late January or late February to sell apartments.
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 way to commute people to and from this new neighborhood in Mimico and connect them to other neighborhoods, such as Mystic Point and the Royal York Business District,” he said. “people are looking for more space, and this is the product we can offer here.”
VANDYK will fund the Greater Central Mimico with its own funds as well as regular debt financing, although it may openly recruit partners.
“although we have established a long-term partnership in terms of equity, we understand that real estate development is a risky proposal,” Chan said. “what we want to do is to take all these risks in the first place.”