Real Estate

Transit expansion opens doors for new developments along the Keele Street and Finch Avenue corridor

Scheduled to open by the end of the year, the highly anticipated Toronto-York Spadina Subway Extension Project will expand TTC service from Sheppard West (formerly Downsview) to the Vaughan Metropolitan Centre. The 8.6 kilometre expansion will add six new subway stations and will be the first TTC rapid transit line to cross the City of Toronto boundary. Combined with the planned Finch West Light Rail Transit (LRT) System by Metrolinx, the next few years will be marked by a public transit renaissance north of the 401.

At the centre of all the development is the area surrounding the new Finch West Station now under construction at Keele Street and Finch Avenue West. When complete, the station will serve as a stop along the TTC subway as well as the first stop on the Finch West LRT when it enters service in 2021. The subway and LRT lines will significantly improve access and add transportation options for residents in the area, while simultaneously producing new city building opportunities.

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Vaughan-based HAVEN Developments sees the potential in the neighbourhood which has primarily been home to low-rise industrial buildings in the past. The commercial and residential developer is known for selecting locations based on access to transit and infrastructure and has several projects throughout the GTA including the mid-rise SIX25BV condos, 400 The East Mall Stacked Towns and Clarkson Towns in Mississauga.

On the commercial side, HAVEN is currently constructing the University Heights Professional Centre at 1275 Finch Avenue West, just east of the new Finch West Station.

“Transit is a key factor for us whether we’re building commercial, retail, offices or residential,” says Jordan Teperman, Executive Vice President at HAVEN Developments. “As a result of the subway extension, this area of the city is experiencing a demographic shift that will see residential and commercial developments continue to intensify.”

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Construction on the commercial property is now in full swing after breaking ground in September 2015 and is expected to be completed by summer 2018. The eight-storey complex will have over 160,000 square feet of interior space and will comprise of retail on lower levels and professional offices above. Its proximity to the Finch West transit hub is a major attraction for tenants who will benefit from easy mobility throughout the city, including downtown Toronto, without paying downtown prices. The site is also close to Yorkdale Shopping Centre, the new Humber River Regional Hospital, Downsview Park and York University.

“University Heights is close to all the 400 series highways, major educational institutions, government services, the airport and industry,” says Teperman. “You could go from the research/educational hub of University Heights, hop on a train and be at the MaRS building or one of the local tech hubs downtown within the hour.”

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As a commercial condominium, owners at University Heights have the added benefit of investing in their own offices by purchasing them as a core asset. This allows them to build equity in their business with an asset situated within 500 metres of rapid transit.

“Owning at University Heights means you can create the ideal space for your business all within steps of the TTC,” says Teperman. “It’s an investment that will appreciate in value, especially at a time when Toronto is seeing significantly low vacancy rates and steady rising lease rates.”

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The suites at University Heights range in size from 550 to 2,500 square feet and offer professional and medical space with state-of-the-art facilities, including full operating rooms, X-ray rooms and comprehensive laboratory capabilities.

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Clients who purchase a unit will receive a design consultation with interior design firm Ambience Design Group where they can customize floor plans, colour schemes and furnishing selections. The building also meets the Toronto Green Standard Tier 2 qualification for efficient buildings and includes a manicured green roof and walkouts on the third-and ninth-floor rooftops.

To learn more about University Heights and available units, visit havendevelopments.ca.

The post Transit expansion opens doors for new developments along the Keele Street and Finch Avenue corridor appeared first on BuzzBuzzHome News.
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