Mady Development Corporation Selected to Build Long-Awaited Burlington Waterfront Mixed-Use Development

Photo: Nicola Betts
MADY Development Corporation selected by Mayrose-Tycon Limited to build long-awaited Burlington waterfront mixed-use development. Shown (L-R): Mayrose-Tycon Limited Principal Matt Jaecklein, MADY Development Corporation Senior Vice President and Chief Financial Officer Greg Puklicz, Burlington Ward 4 Councillor Jack Dennison, Ward 5 Councillor Paul Sharman, Ward 1 Councillor Rick Craven, Ward 2 Councillor Marianne Meed Ward, Burlington Mayor Rick Goldring and MADY CEO Charles Mady.
Mayrose-Tycon Group taps MADY’s mixed-use expertise to construct landmark condo-hotel-retail project
BURLINGTON, ON., June 25, 2013 – After years of planning, Burlington’s Bridgewater waterfront site is about to undergo a stunning mixed-use transformation.
Mayrose-Tycon Group Principal Matt Jaecklein today introduced MADY Development Corporation as the development and execution firm on the new Burlington project. The ambitious development at the prime Bridgewater site—the downtown waterfront location owned by Mayrose-Tycon for more than two decades—is predicted to inject new life into Burlington’s waterfront across a range of residential and commercial uses.
Upon its completion, the 1.68 acre, 340,000 square-foot mixed-use development will consist of an eight-storey, 152 unit top brand four-star hotel, 170 luxury condominium units across two towers—expected to sell between $500,000 and $3 million, and all featuring stunning lake views—as well as ground-level commercial retail space. It will also include three levels of underground parking. To appeal to residents in search of the ultimate in waterfront living, the project features a central public square with direct access to the Waterfront Trail and Lake Ontario.
“The timing behind our decision to move ahead with this project is rooted in a strong belief in the City of Burlington’s long-term waterfront redevelopment plans, the strength of the local economy, as well as the need for new residential and commercial property and a four-star hotel on this unique parcel of prime land fronting a gorgeous stretch of Lake Ontario shoreline, just steps from Burlington’s downtown core,” Jaecklein said of the location near Burlington’s Joseph Brant Hospital—which is currently undergoing a major expansion—and within easy reach of several major highways. “We chose MADY Development Corporation to build this landmark project based on their long-standing success in mixed-use property development, and their outstanding service record and reputation for on-time, on-budget project delivery.”
The development—a critical part of Burlington’s plans to redevelop and revitalize its waterfront—is expected to deliver $250 million in total financial benefits to the local community over 20 years, including 600 man-years of work and 200 full-time jobs. Approximately 300 new residents will occupy the two residential towers.
Jaecklein was joined at today’s event by MADY’s CEO Charles Mady and Senior Vice President/Chief Financial Officer Greg Puklicz. They outlined the unique architectural and lifestyle opportunities offered by the property’s prime lakeside location and their assessment of the project’s importance to the city’s future.
“This project offers unimpeded views of Lake Ontario, direct water frontage access, and is within steps of the quaint shops of downtown Burlington. With a premium brand four-star hotel on board, I expect this development to become Burlington’s crown jewel,” Mady said of the project, designed by renowned Toronto-based architects Page + Steele / IBI Group. “This is a wonderful opportunity for anyone who has dreamed of living on a prime stretch of Burlington waterfront, all in a complex offering splendidly-designed amenities and finishes by Gluckstein Design.”
“I am very pleased to see this long awaited project for our downtown come on stream. This project is another step to enhancing the redevelopment of our Downtown,” said Burlington Mayor Rick Goldring. “The project’s design will ensure open space, access to our waterfront, and provide residents and visitors with a great experience.”
LCL Builds—which was involved in the development of Toronto’s Trump Tower—will contribute to the construction of the Burlington project.
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Founded nearly 40 years ago in Windsor, Ontario, by entrepreneur Charles Mady, MADY Development Corporation is a strong and diversified group with commercial and residential business operations across North America. MADY is one of the most active development companies in Southern Ontario, as well as the 28th largest contractor in Canada, providing building services to institutions, retailers and other developers. The family-owned company currently has more than $1 billion of projects under development, maintaining offices in Toronto and Windsor.
For more than 40 years, Mayrose-Tycon Group has been investing in commercial and residential real estate operations across Ontario. This investment firm continually seeks out partnership opportunities with forward-thinking builder/developers to create projects that meet and exceed the expectations of all stakeholders. Mayrose-Tycon has long-standing relationships with municipalities, conservation authorities and other government agencies, which uniquely positions the company as MADY Development Corporation’s ideal development partner for the Bridgewater site.
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