Real Estate News Exchange
SmartCentres, Penguin, JV for Vaughan Metro Centre expansion
SmartCentres is buying a 50 per cent interest in an almost 16-acre parcel of land owned by Penguin, abutting the VMC property, for $109.2 million. The land is currently the site of a WalMart store, but the store will be relocated on the site and redeveloped to create a new prototype Walmart including a large dedicated picking facility, enhanced customer pickup experience and parking area.
The remainder of the site will be redeveloped by the partners to create at least six new residential towers, as well as portions of the existing VMC development plan.