Tag Archives: residential communities
Tracy Hanes – Yourhome.ca
Emerald Park, a large mixed used condo project on Yonge St. just south of Sheppard Ave., is going ahead, thanks to a deal struck between the original developer, Bazis International, and two others.
Plazacorp Urban Residential Communities and Metropia Urban Landscapes have joined Bazis as partners in the development, ensuring that the 500 original purchasers of the 565 available suites will be able to retain their suites at the prices they originally bought them for (approximately $500 per square foot).
Bazis suffered a heavy impact when giant financial services firm Lehman Brothers, which provided a substantial portion of the financing for its projects, went bankrupt. Another Bazis landmark project, 1 Bloor, was subsequently sold to Great Gulf Homes, who redesigned and relaunched it as Number One Bloor.
“This is very exciting,” said Scott McLellan, senior vice president for Plazacorp about the Emerald Park partnership. “The fear of the almost 500 purchasers was what was going to happen to this project. When we got involved, part of our strategy was to keep the existing purchasers. We wanted to keep everyone in the deal. We finally got the news out and have heard nothing but positive feedback.”
Plazacorp has built more than 4,000 condos in the GTA during the past 20 years. Metropia CEO and founder is Howard Sokolowski, former chief executive officer and co-founder of Tribute Communities, and owner of the Toronto Argonauts. His partner Tony Moro is former CEO of Tridel’s construction division.
“With Tony involved, we will have the latest and best technology in the construction industry,” says McLellan.
For the past few months, McLellan says a realtor working with the partners has been quietly selling the condominium retail space in the podium that will connect Emerald Park’s two luminous green towers, based on the strength of the new partnership and the site’s connection to the Sheppard subway station.
“We had 115,000 square feet on the ground floor and we sold it all,” says McLellan. “And a major national grocery chain has committed to buying the entire second floor space.”
Although the third floor office space hasn’t been released yet, McLellan says there is already demand, including from “people who bought ground-floor retail and want a corporate office upstairs.”
McLellan says that the strength of the working relationship to date also means the trio is discussing future joint ventures on other Bazis holdings including a prime site at Bloor St. and Avenue Rd. directly across from the Royal Ontario Museum.
Incoming search terms