TORONTO, ONTARIO--(Marketwire - July 11, 2012) - 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 from Fortress and Pace aims to bring highly sought after low rise residential options to the area in the form of stacked townhomes.
"Quality and affordable low rise housing is in such short supply in the GTA. 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.
The project is envisioned for up to 55 stacked townhomes where the residents will enjoy convenient access to local amenities, city parks, public transportation and major highways in this mature neighborhood. Dino Sciavilla, principal at Pace Developments, has several decades of experience in low rise developments is excited to bring cost effective and efficient construction services to this prime location.
"Stacked townhouses are one of the best value buys for homeowners. They get the convenience and access of a low rise build with some of the savings and efficiencies that come from mid-rise construction", said Sciavilla while on site at Mount Joy, another joint Fortress/Pace co-development in Markham. "My crews will complete Mapleview Commons on time and probably well under budget".
Prices in the low rise market have risen steadily as supply has shrunk. In 2011, there were 61% 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. "Mapleview Commons is going to sell out quickly. 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".
About the Companies
Fortress Real Developments Inc. - Fortress Real Developments is a Canadian real estate development company that seeks out and analyzes opportunities in major Canadian markets. The company has placed their focus on quality projects with recognizable alpha in residential low-rise, high-rise, commercial and industrial project. For more information visit: http://fortressrealdevelopments.com.
PACE Developments Inc. - PACE Development is a fully integrated, multi-disciplinary construction/development building company with headquarters in Ontario, Canada. The company's building profile ranges from luxury custom built homes to subdivision and commercial office and retail. For more information visit: www.pacedevelopments.com.