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<\/a><\/p>\nFrom left: Jared Menkes, executive vice-president, high-rise residential, Menkes Developments Ltd; Steven Del Duca, Mayor of Vaughan; Chris Ainsworth, Vaughan City councillor; Jay Claggett, SVP development, QuadReal Property Group (CNW Group\/Menkes Developments Ltd.)<\/p>\n<\/div>\n
Menkes Developments Ltd. and QuadReal Property Group recently announced the successful \u201ctopping off\u201d of Festival, a four-tower community in the heart of south Vaughan Metropolitan Centre (VMC), just north of Toronto.<\/p>\n
An architectural landmark on the Vaughan skyline with distinctive sculptural white balconies and a tallest tower standing at 190.5 metres, Festival has the tallest building in VMC. The major milestone signals the completion of the entire community\u2019s exterior structural framework.<\/p>\n
Festival broke ground in early 2021. The development sits on a 5.5-acre property bounded on the north and south by Highways 7 and 407, and Hwy 400 to the west. The project boasts 2,470 residential units across four towers ranging in height from 41 to 59 storeys, with 70,000 square feet of state-of-the-art indoor amenities, 85,000 square feet of commercial space, public open spaces, and a covered pedestrian mews connecting residents and visitors to future phases of the masterplan. The overall value of Festival is $1.5 billion dollars.<\/p>\n
\u201cAs one of the fastest growing cities in Canada, the City of Vaughan is committed to delivering more housing options for our residents and future generations. I am proud to mark this historic milestone for Festival where families can soon call the Vaughan Metropolitan Centre home,\u201d said Steven Del Duca, mayor of Vaughan. \u201cI want to thank Menkes Developments Ltd. and QuadReal Property Group for their dedication and support in getting more homes built in the city of Vaughan. By working together, we will help make housing more affordable for young families.\u201d<\/p>\n
\u201cFestival is like no other project in the GTA \u2013 it\u2019s an ambitious, all-encompassing community that sets a new industry standard in Vaughan. We brought the urban lifestyle that we deliver in our large mixed-use projects like Harbour Plaza in the South Core and Sugar Wharf on Toronto\u2019s Waterfront to the VMC,\u201d said Jared Menkes, executive vice-president of high-rise residential at Menkes. \u201cWe worked collaboratively with the City of Vaughan\u2019s political leaders and planning staff to develop Festival to meet the needs of residents in one of Canada\u2019s fastest growing cities. Festival is a testament to all that can be accomplished when we work together.\u201d<\/p>\n
The first tower at Festival began welcoming residents earlier this year, with occupancies expected to continue for all towers through to Fall 2025. Festival will eventually be home to over 5,000 residents.<\/p>\n
\u201cThe creation of both Festival and the broader Assembly Park community has been a collaborative and thoughtful process, and we are thrilled to officially top off this dynamic part of the new Vaughan Metropolitan Centre,\u201d said Toby Wu, executive vice-president of Canadian development for QuadReal. \u201cLeveraging a long-term approach to investment and development enables us to build thriving communities in markets where people want to live.\u201d<\/p>\n
Menkes and QuadReal have launched the next phase of the masterplan, known as Bravo, a three-tower community directly south of Festival. It will feature 1,654 residential units, at grade retail, the continuation of the covered pedestrian mews, and a privately-owned public park space.<\/p>\n
Construction for the first tower began in Spring 2024. The third and final tower in the project, the South Tower also known as Encore, is selling now.<\/p>\n
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