SmartCentres is now officially building a residential community in Cambridge, Ontario, on its 73-acre property that was previously zoned for strictly retail use.
Approval via a Minister’s zoning order now allows the development of residential, office, institutional, and commercial land on the property at 22 Pinebush Road. Located at the intersection of Hwy 401 & Hespeler Rd, it currently houses a 22-year old shopping centre with 44 stores, including a Walmart, Best Buy and Staples.
“We believe this significant new community will help address demand for housing located strategically around the Greater Golden Horseshoe Area,” said Mitchell Goldhar, executive chairman of SmartCentres. “Working with staff, our goal is to begin Phase 1 in 2021. SmartCentres will continue to proactively change it’s property uses to align with ever-evolving communities and marketplaces across Canada.”
Development is expected to roll out over the next 10 to 20 years. Upon completion, the 11-million-square-foot community will include up to 10,000 new residential units across a variety of housing types, including rental apartments, condominiums, townhouses and seniors housing.
“We know more and more people are moving to our city and this project will certainly help in terms of economic recovery post-pandemic,” said Cambridge Mayor Kathryn McGarry. “Thank you to the province for putting in place this new process and for moving forward with this zoning order which will allow construction to start as early as next year.”