Smartcentres REIT Commences Four Construction Projects
Smartcentres REIT has commenced four new mixed-use development projects in Southern Ontario..
The REIT said it began construction on the completely presold 40-storey ArtWalk condominium project in Vaughan, Ont., and, with partner Penguiin, a new 200,000-square-foot flagship Canadian Tire store in Toronto’s Leaside neighbourhood during the third quarter. The Leaside site will include an additional 24,000 sf of retail space.
“We are confident that each of these projects will deliver strong financial results to the trust in the years to come,” said Smartcentres CEO Mitchell Goldhar in a news release.
Toronto-based Smartcentres said it has also begun to build two multi-level storage facilities, on Gilbert Avenue and in the Stoney Creek area of Hamilton. (Stoney Creek was a city before being amalgamated into Hamilton in the early 2000s.)
Smartcentres also delivered a rental-housing project in the third quarter. The second phase of a 221-unit, purpose-built rental residential project in the Montreal suburb of Laval, Que., has reached 99% occupancy after achieving 82% at the end of the third quarter. Construction was completed in July.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.