Transit City Condos Launch Breaks GTA Sales Records
In this episode we catch up with Shab Rajabzadeh of Cornerstone Marketing to find out the latest on Transit City Condos in Vaughan Metropolitan Centre. The project launched in May and has broken the record for most condos ever sold at a new project launch for the entire GTA as per Urbanation. The first two towers are sold out and the 3rd tower has now been launched. Find out what else is new at Transit City.
SHAB RAJABZADEH INTERVIEW HIGHLIGHTS
0:50 What is Transit City Condos?
3:17 How did the launch of Transit City go?
5:06 News about the new master plan community.
9:00 What opportunity is there for people who want to invest?
Announcer: Welcome to the True Condos podcast with Andrew la Fleur, the place to get the truth on the Toronto condo market, and condo investing in Toronto.
Andrew: Okay, it’s my pleasure to welcome back to the show once again, Shab Rajabzadeh. Shab is the VP and co-founder of Cornerstone Marketing, Inc. Shab, welcome back to the show.
Shab: Thank you, Andrew for having me on.
Andrew: Glad to speak to you again, and of course, we spoke not too long ago, about six weeks back we spoke about Transit City, and that’s what we want to get an update on today in this episode, because you’ve been just smashing records over there in Transit City, and it’s been absolutely crazy. Probably people listening to the podcast have heard the news, but there may be some people out there who haven’t. Anyway, let’s start at the beginning. Tell everybody what is Transit City Condos exactly, just for anybody who doesn’t know yet.
Shab: Absolutely. Again, Transit City, the name speaks for itself. It’s the first subway station in the York Regional Transit Terminal that’s being built at the intersection of [inaudible 00:01:10] Highway 7 and Vaughan, and the projects here are several condominiums coming to this neighborhood, which we’ve launched three building so far, and it’s been very successful, very well received in the marketplace. And essentially, it’s the Vaughan Metropolitan Center, which is synonymous with Transit City again, which is this massive transformation of what’s happened in Vaughan, with massive influx of money coming from the Infrastructure Canada, and Places To Grow Canada, as well as what the government is really doing, is that they’re managing expansion for this subway station, and I guess people refer to it as a relief line, and we’ve been blessed to be working with two phenomenal developers, CentreCourt Developments, as well as Smart REIT. Everybody will know them from SmartCentres, the guys that brought Walmart to Canada, and they’re the owners of the land, which in joint venture they’re working with CentreCourt on it, and from Cornerstone, we’ve been blessed to have the opportunity to, I guess, work on this side, and perform bring it to market. So Transit City, again, is the one and only project, essentially, in the Vaughan Metro Center that stands out, because it’s steps to the subway station, the new subway station.
Andrew: Steps to the new subway station, and it’s the first phase of a 100, I think it’s a 100-acre master planned community. The 100 acres that Smart REIT owns immediately surrounding the new subway station, this is the first phase that’s coming out, is that correct?
Shab: Yeah, I mean, we’re part of, you said [inaudible 00:02:38] it’s 100 acres of land that’s owned by Smart REIT, the components will again be a subway station, York Regional Transit Terminal, on this plot of land, which gives you access to nine different municipalities, and what you have is office towers currently. Last year, occupancy was for the KPMG office building here, which I just had word that as of the next few weeks, you look at PD Cam just moving in to the office as well. What’s really exciting again is what they are doing here in terms of design, future planning, intensification, all revolving around infrastructure.
Andrew: Right. So how did the launch of Transit City go? Obviously everybody listening to this podcast should go back and listen in more detail to learn about Transit City to the first interview we did about 6 weeks ago. But how did the launch of Transit City Go?
Shab: Again it’s been very well received. We just got word that it’s broken the GTA record for the number of units sold in the initial launch. I mean there’s just around to seventeen to eighteen hundred units in this project. The surrounding neighborhood, the 905, the 416’s, the various municipalities that surround Vaughn have really taken a positive direction on this project and have really shown great interest and great [deaf 00:04:04] wanting to live here and buy here. There’s merit to it of course in terms of what the project has to offer in itself. Subsequently well because what’s exciting for us is what’s coming essentially. That will be the East Tower, releases, some of the new releases and designs and floor plans coming out this weekend. I think it’s a great opportunity for people to come still have a look at it and take advantage of the low pricing here.
Andrew: Yeah well each congratulations. I know you just kind of slipped that in there as if it was nothing but we should take a moment and just acknowledge that you said, you’ve, in the entire history of the Toronto Condo market you’ve broken all records in terms of the volume of sales at the initial launch of a new project. So that’s huge, congratulations to you and your team and to Center Court as a smart REIT, and to all the purchasers who’ve been invested in that project. It’s a real-
Shab: The purchasers yeah.
Andrew: It’s an amazing thing that we’ve seen their in Vaughn. What is new in the master plan and the community there. what news do you have to share with us since we last spoke about the project and what’s happening there. Cause it’s changing every day.
Shab: Yeah. This is moving so quickly, this is such a phenomenal ecosystem I want to call it. It is a city within a city. Last week we had an event here that had a ribbon cutting ceremony for the construction commencement of the PWC building. Which sits just adjacent to the KP and G existing, current KP and G building and the YMCA. So the PWA and the YMCA buildings are underway now in construction. They had a ribbon cutting ceremony. Issued some of the beautiful designs. In the last podcast we talked about what is the many business buildings? What is it have to offer?
We talked about the master plan of the parks, the trees, the community, the potential schools that will be coming to the neighborhood as well as what’s really important, this YMCA for the current immediate term of this project for Transit City. Its’ coming to life and it’s just something beautiful to see that. It’s one thing to buy into pre construction projects or buy, especially buying something that happens in the future of this development. But when you see it coming underway in such quick stride and such quick timeline, it’s a beautiful thing to see because you can pretty much come to the sales center today and have a look, and enter yourself or [inaudible 00:06:41] understanding very well. Just walk in the area, you really get a quick feeling of what’s going on.
An announcement, another recent announcement has been that fall this year, actually winter this year, fourth quarter this year, the subway station is supposed to be complete and that’s slated to complete in conjunction with the Yorkie’s New Transit terminal. So they’re looking at completing it this year. Before any of the buildings in Transit City complete, you pretty much have the employment office buildings already, YMCA done, the subway station and the Yorkie new transit terminal complete before anybody moves into their unit which is phenomenal.
Andrew: That’s amazing. Yeah, usually it’s the other way around, you’re going into a new area and you might have to wait a year or two, or three, or five before those other things, the amenities of the neighborhood come after the condo is built. But it’s the opposite here. It’s all being built now and it’ll all be finished at least in the immediate vicinity there and these key landmarks for the neighborhoods. Of course there’s much more to come. It’s 100 acres. This is just phase one which is really exciting to understand that it’s much more to come.
Shab: It’s been phenomenal. I’ve been looking at data from the city and looking at what’s really happening, the transformation, and the subway line being a relief line. But what’s really interesting about it, just the strength of income and employment in this area if going to be booming. With these triple A companies, multinational companies like KP and G company, GPWC, Miller Thompson, and TD and various others that are coming here. They’re really bringing management level employment and pay into a 905 neighborhood. Which you would see typically the 416 downtown court right?
But that’s a phenomenal, phenomenal to see in Vaughn. But what’s really interesting is just the strength of employment. Just in the KP and G building alone. Once it’s all said and done you’ll see around 1,200 added people in that building working. Then not including what PWC has to offer and the YMCA, the library and so forth. Many other commercial buildings are coming to this area.
so you have several thousand just strong employment and high paying employment in this are. Which is still not sufficient residents to accommodate that.
Andrew: What, I know your time is running here, short Shab. So I’m going to ask you a key question here, which is before we finish, which is what opportunity is there still now? So if people are just getting on the train at this point, maybe they’re a little bit late to the party they think, maybe they think the time has passed, the launch is done, but I think you’ve got some news for us? What opportunity is happening now for people if they haven’t gotten into Transit City yet, if their looking to invest or buy there?
Shab: Absolutely. Remember that it’s only been 6 weeks since we’ve launched this project and it’s done very well but since 6 weeks we have not sold out the project. We’re still releasing inventory. In fact we’re releasing a new batch of inventory this weekend and I would encourage people to come have a look and see what options are available. Take a look and the opportunities not gone because you are looking at a building that’s occupying in 2020 and in the first six weeks of the project release. So we still have a long way to go. I think it’s a good opportunity to come take a look at it.
What’s really good about it now is that you’re able to see what’s coming to life. You get that comfort to knowing, yes, everything’s underway, this is the quality of the construction. I get to get a touch and feel. The final thing I’ll leave you with Andrew is that, a lot of buyers and a lot of agents who’ve come to this location have looked at the KP and G building and that’s the first office building again, which we don’t really talk much about that gave them that direct path access into the subway station. So if you ever come to the sale center here, you’re able to actually walk the path and get a feel for the 905 unit station, right? That’s what I refer to it as, the unity station of Vaughn.
It’s exciting to get a touch and feel and taste for it.
Andrew: Absolutely that’s great. Shab thank you so much for your time again today, and congrats on the success so far. I’m sure the remaining units will sell just as quickly as the first batch has sold. We’ll hopefully talk to you again soon.
Shab: Absolutely, thank you so much for it and all the best.
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