subject site received more than 20 years after the date of registration (that is, April 29, 2025).
 At the time that the restrictive covenant agreement was entered into in 2005, the City of Vaughan had recognized the
future growth of the area in which the subject site is located and
it had identified this area as one of the two potential areas for the
future City Centre. Official Plan Amendment No. 500 (“OPA
500”) was approved by the Ontario Municipal Board in 1998, and
established an intent to ensure that this area will become, over
time, the central focus of the City of Vaughan, with potential to
become the “downtown”. OPA 500 included principles to encourage the provision of a variety of higher density residential types
in order to offer a range of housing and lifestyle opportunities.
The Vaughan Metropolitan Centre Secondary Plan was later
introduced in 2010 to implement the future Vaughan Metropolitan Centre and Urban Growth Centre. The subject site is located
within the area identified as the Urban Growth Centre.
 Icona proposes to redevelop the subject site. The proposed
redevelopment consists of three towers including two residential
towers fronting onto Highway No. 7 with ground floor retail and
one hotel tower fronting onto Interchange Way, and 16 town-homes. Icona has submitted to the City of Vaughan a site plan
application to permit the proposed redevelopment. That application is currently being reviewed by the city. Part of the site plan
approval process is to ensure that it is compatible with the surrounding context from both urban design and land use perspectives. According to evidence provided on behalf of Icona, the
proposed redevelopment conforms to the applicable zoning by-law
and implementation of the proposed redevelopment shall be
subject to approvals by the City of Vaughan.
 The 274 lands are managed for 274 Canada by QuadReal
Property Group (“QuadReal”). 274 Canada provided affidavit
evidence in response to this application from Michael Reel, vice
president, development, for QuadReal. Mr. Reel has been responsible for managing the 274 lands on behalf of 274 Canada since
 According to Mr. Reel’s evidence, throughout his time managing the 274 lands, the entire landholding has been treated holistically. The development of the lands has occurred through mutual
agreements across the various parcels that consider, among other
things, parking, servicing, uses and access as an integral whole
rather than seeing each parcel of land as an individual unit. The
restrictive covenants that apply to the subject site pursuant
to the restrictive covenant agreement are among a number of
similar restrictions that apply throughout the interchange lands.