Fortress and PACE to develop a stacked townhouse community in Vaughan
Fortress Real Developments Inc., a Richmond Hill-based real estate development company, is undertaking a new project in Vaughan in conjunction with PACE Developments. The site, with a working title of ‘Mapleview Commons’, is a land assembly of two adjoining parcels on Keele Street, just south of Major Mackenzie Drive. Located in a densely populated area of Vaughan, this new project aims to bring low rise residential options to the area in the form of stacked townhomes.
The project is envisioned for up to 55 stacked townhomes with access to local amenities, city parks, public transportation and major highways. “When our research team saw the potential here in mirror zoning the approval on the north parcel (for 22 homes) onto the south parcel, we were very excited about the opportunity,” said Jawad Rathore, CEO of Fortress Real Developments. “This is another chance for us to add low rise homes to our portfolio.”
This is the third project being co-developed by Fortress and Pace and they have set their sights on the low rise market that has shown tremendous strength in the early part of 2012. “The low rise market has led in unit sales so far this year and that leads me to believe that no matter what municipality you want to live in, there will always be affordable housing options for you,” said Paul Golini Jr, chairman of BILD (Building Industry and Land Development Association), recently in the Toronto Star.
Prices in the low rise market have risen steadily as supply has shrunk. In 2011, there were 61 per cent fewer units available than 2002 (RealNet) and that has increased prices across the GTA. Rathore sees a short sales cycle and the commencement of construction in spring 2013. “The city’s Official Plan already has this density in place. There is not much inventory like it available and demand continues to far out strip supply.”