Subways plus excellent service has proven to be a winning formula for Plaza, Toronto’s leading residential condominium construction and development company
Well known for its condo projects in downtown Toronto’s most sought-after locations, Plaza ventured into the 905 with the launch of The Met, a new 35-storey condo that marks a partnership with Berkley Developments. Located in the heart of the Vaughan Metropolitan Centre at Highway 7 and Jane Street, it’s been another triumph for Plaza, with more than 500 of its 573 units sold in just a few weeks.
It’s shaping up to be a busy year for Plaza, with three other condominium buildings under construction in sought-after downtown neighbourhoods and several exciting projects coming soon.
While Plaza was confident The Met in Vaughan would go over well with the market, Plaza’s senior vice president Scott McLellan admits his company was a little surprised by how quickly buyers snapped up more than 80 per cent of the suites. But it makes sense in this 905 location, he says, when one considers what The Met has in common with other Plaza sites — its proximity to the subway and to a university.
With track work complete on the Toronto-York Spadina Extension and stations almost finished, the subway will soon extend from its present terminus at Downsview Station to the Vaughan Metropolitan Centre, which will be served by two stops. With transit literally at their doorstep, The Met residents will be one stop from York University or can be downtown in 40 minutes.
“Downtown amenities are important. When people see the subway coming to Vaughan and are looking at the plans for the Vaughan Metropolitan Centre, they believe it’s going to happen. It’s not a pie-in-the-sky thing,” says McLellan. “The subway will create the lifestyle part of the vision.”
The Vaughan Metropolitan Centre is the most ambitious project in the city’s history. Set on 179 acres, it will be a transitoriented downtown core with office and condo towers, shops and restaurants, where people can live, work and play.
McLellan says for most buyers of Plaza condo suites, the subway is the top priority.
“The subway is Number One, the traditional underground Line One and Line Two,” says McLellan, who says while buyers consider LRT (Light Transit Rail), they prefer subways.
“The second driver in terms of amenities is proximity to universities. Plaza’s 50 Wellesley project, currently under construction, is close to Ryerson and the University of Toronto, and The Met is close to York University.”
One interesting marketplace trend McLellan notes is growing buyer demand for two-bedroom suites. “A lot of value engineering is going into designs, and the 650 to 700 square feet suites that used to have one-bedroom plus den 10 years ago,” he says.
“The two-bedroom suites have become very attractive to every single market segment, including the empty nester, the investor and the first-time buyer. These suites give people the flexibility to stay for a long time.” Many buyers are purchasing for their children, who are attending university, and they’ll have the option of renting out the second bedroom.
Residences at The Met range from 510-square-foot one-bedroom units to 875-square-foot two-bedroom plus den suites in the tower, with prices ranging from $265,000 to $499,000. The project also includes 62 townhouses, from 1,250 square feet to 1,453 square feet, priced from $675,000 to $899,990. All townhouses are three-bedroom units with private rooftop terraces.
Next on the company’s project list are more condo developments on or near transit lines in sought-after neighourhoods, including Yorkville, Lawrence Park, Harbourfront, Mount Pleasant Village and the Yonge Street corridor.
With every project, Plaza brings a sterling reputation for customer service and a commitment to zero deficiencies. It was a finalist in the highrise category of Tarion’s prestigious 2016 Homeowners’ Choice Awards. The awards recognize home builders who provide a consistently high quality of construction, design and customer service.
“We really staff up our customer care department and have more people assigned to a particular project (than most other builders),” says McLellan. From purchase to construction to move-in, Plaza’s team works closely with buyers to ensure a satisfying experience and to create a suite they can be proud of.
“We want to have zero deficiencies and that’s our goal,” says McLellan. “We want to leave our suites hotel-ready.”
Currently on the drawing boards for Plaza are another three projects planned to launch late this year or early next. In keeping with their pattern of building on the TTC, these will be located at Yonge and Finch, Bloor and Jane and at 170 Spadina.
For further information on The Met or Plaza’s other condominium projects, email or visit the website.