LIBERTY DEVELOPMENTS
Real Estate -Transit friendly projects in the 905
Markham and Thornhill projects are poised to capitalize on current and future transit expansions
The principals of Liberty Developments believe living outside the downtown core – or even in the 905 – doesn't mean you have to own a car.
That's why the company has been on the forefront of transit-friendly residential development in places not too long ago considered suburban fringes, such as Markham and Thornhill.
Two of its current projects – Metro Place across from the Downsview subway station north of Highway 401, and Centre Park Condos in the Thornhill City Centre – are poised to capitalize on current and future transit expansions; its Liberty Square/eko mixed-use project takes advantage of Markham and York Region's public transportation.
Building transit-friendly sites have been an integral part of Liberty's vision.
The principals in Liberty have 30 years experience; Liberty itself is about 10 years old.
"In terms of site selection, access to transit is a key criteria," says Marco Filice, senior vice-president and counsel for Liberty Developments. Historically, he says, it's been demonstrated that projects with transit access have better resale value.
"For the most part, we like to develop master-planned communities with multiple buildings and incorporate commercial and consumer uses."
Liberty Square, with office and retail space and its companion eko condominiums in Markham, is a case in point.
Liberty Square is currently the largest project to hook up to Markham District Energy and at 12 storeys, the tallest office building in York Region. Eko's four highrise condominiums are European-inspired, featuring pedestrian walkways, interconnected green spaces and courtyards. A handful of units are still available in the 598-unit project.
The site is in close proximity to Highways 407 and 404 and is serviced by Viva Transit and York Region Transit; there's TTC access off Warden Ave., with one bus to the Finch subway station or the Unionville GO train station.
As part of York Region's three-phase plan to improve rapid transit services and link Markham, Newmarket, Richmond Hill and Vaughan, the Viva bus system was introduced September 2005; next will come a full Rapid Transit System by 2011, with dedicated transit lanes separating rapid transit buses from regular traffic.
The third phase will be the extension of the Yonge St. subway.
Metro Place, which is playing a crucial role in the transformation of the Sheppard Ave. W. area, also capitalizes on handy access to transit. The Downsview subway station is directly across the street and connects Metro Place residents to the downtown core. By 2015, the Toronto-York Spadina subway will extend 8.6 kilometres from Downsview station northwest through York University and to the Vaughan Corporate Centre. Six new stations will be built along the extension.
"For a lot of people, the concept of a 905 subway hasn't sunk in yet," says Filice. "Major transit projects are commonplace in 416, not as much in 905."
Metro Place's art deco buildings will be adjacent to the 231-hectare (572-acre) Downsview Park; units in three highrise towers (M1, M2 and Metropolis) are selling now with construction underway on the first two.
A third Liberty project, Centre Park Condos, located in the Thornhill City Centre, will be in a prime location when the Yonge subway line expands north into Richmond Hill, within walking distance of three proposed subway stops at Steeles Ave., Clark Ave. and Royal Orchard Blvd. Two towers are under construction and the site includes a two-hectare (five-acre) public park. There will be townhouses as well as highrise suites.
It's already well served by public transit including Viva, York Regional Transit and TTC, and is close to Highways 7, 407, 400 and the 404. Residents are steps away from YRT Route 88, which serves the Thornhill, Richmond Hill and Oak Ridge communities, running north on Bathurst St. from Steeles to Bloomington 15th Sideroad.
Six new stations will be built along the extension.
Centre Park Condos and Metro Place have proven popular with first-time buyers, some of whom may work downtown but like to be in close proximity to family in the north end ... and don't aspire to own vehicles.
"I think last summer's (gas price) shock was an important reminder of how expensive the operating costs of a vehicle can be," says Filice. "We get a lot of first-time buyers at Metro Place and Thornhill and the younger generation likes to spend their money on other things."
And suite prices are less expensive than downtown. The buildings also include a range of sustainable and energy efficient features.
"We included things that are on the LEED (Leadership in Energy and Environmental Design) checklists before we even knew what LEED was," says Filice. "Everybody talks about LEED, but not every condo can be LEED."
He points out that the certification process is costly and those costs get passed on to the buyer.
"We like to make it affordable and at well under $400 per square foot, it's great value for consumers."
Filice says his company will continue to look for sites suited to mixed use and close to transit.
"Land acquisition has no recipe. It's having a vision and criteria and working on it every day," says Filice.
He says mixed-use projects offer benefits for developers, consumers and municipalities alike.
"When you have a transit-oriented development where people can live, work and play, it provides incredible value for all stakeholders," says Filice. "Being able to be part of the transit revolution and to put projects where transit is going to be ... it's important and correct" for all involved in a mixed use development.
Liberty has found the key to bringing some projects to fruition is dealing with the municipal governments as partners, not adversaries.
"Working with municipalities is a great challenge ... and offers the greatest opportunity," says Filice. He says his company enjoys building relationships with municipalities and "we're happy to get applause" from them for their plans for a piece of land.
But he says if developers are increasing land value for municipalities, he questions whether some types of incentives could be offered to help stimulate more of this type of development – e.g. reduced development fees for projects on transit lines.
Transit-friendly developments are going to play a key role as Ontario's Places to Grow legislation unfolds, says Peter Walker, senior principal in Walker, Nott, Dragicevic Associates, one of Canada's pre-eminent land use planners.
By 2015, under Places to Grow, 40 per cent of new residential growth must occur in already built-up urban areas. As well, public transit is a top priority in the plan, encouraging growth of communities with densities necessary to sustain investment in new transit projects.
"All municipalities will have to have some transit after 2015," Walker says. "The current Liberal government understands and is moving much faster than previous governments in saying we're going to build public transit and in implementing policies."
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