Calloway REIT announces major mixed-used development
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Calloway Real Estate Investment Trust (Calloway) (TSX:CWT.UN) today announced a 50/50 joint venture with SmartCentres to develop a vast tract of land (53 acres) within the Vaughan Metropolitan Centre (VMC). The Calloway VMC lands are strategically located adjacent to the terminus of the Spadina-York subway station in Vaughan and will be home to almost 6 million square feet of commercial, residential and retail development. Construction of the first building will begin in 2013.
"The Calloway lands will be the heart of the VMC," said Al Mawani, President & CEO of Calloway. "The VMC is the most exciting urban development in all of Canada. The Vaughan subway station together with the new regional bus terminal will connect the 905 to downtown Toronto and downtown Toronto to the 905. Also, the close proximity to the major roads and highway infrastructure, namely Highways 400, 407 and 7, makes our property a uniquely attractive location for corporate offices, retail and new residential development."
Calloway's VMC lands are currently "virtually undeveloped". To put this in context, upon completion, the Calloway JV lands will be similar in uses, densities, public transit and size to an area bounded by Bloor Street to Charles Street and Avenue Road to Jarvis Street in Toronto.
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