TORONTO, Oct. 30, 2020 (GLOBE NEWSWIRE) — Smart Centres Real Estate Investment Trust (“Smart Centres” or the “REIT”) (TSX; SRU. UN), one of Canada’s biggest real estate firms, is happy to share that with support from the City of Cambridge, the Minister of Municipal Affairs and Housing has approved a Minister’s Zoning Order (“MZO”) for Smart Centres’ site at 22 Pinebush Road in Cambridge, Ontario.
Thanks to this MZO, Smart Centres’ 73-acre property in Cambridge-which was only zoned for retail and currently runs as a shopping centre-can now be used for residential, retail, office, institutional, and commercial purposes. This change lets them build a full urban community that’s lively and diverse. This update adds more momentum to Smart Centres’ plan to redevelop and expand their existing properties.
This major redevelopment near Highway 401 will start right away and is expected to take about 10 to 20 years to finish. Once done, it’ll offer up to 10,000 new homes including rental apartments, condos, townhouses, and housing for seniors. With the MZO in place now, Smart Centres will begin turning the old retail centre-about 22 years old-into a mixed-use development covering over 11 million square feet.
“We’re really glad that with backing from City of Cambridge leaders and staff, Minister Steve Clark has agreed to issue the MZO,” said Mitchell Goldhar, Executive Chairman of Smart Centres. “Both the Minister and Mayor Kathryn Mc Garry see how much good this redevelopment will bring economically-including creating tens of thousands of jobs over two decades.”
“We think this new community will help meet housing needs in key spots around the Greater Golden Horseshoe Area,” Mr. Goldhar added. “Working alongside city staff, we hope to kick off Phase 1 in 2021. Smart Centres plans on continuing to evolve its property uses as communities and markets change across Canada.”
“Our government is focused on connecting people with places while building healthier and safer communities-to give our economy a lift as it recovers,” said Minister Clark. “With support from Cambridge’s city officials we’re proud to speed up job creation plus build more than 10,000 needed homes here.”
“This news is really exciting for Cambridge because it means this important project will move faster,” said Mayor Kathryn Mc Garry. “This huge piece of land-73 acres-is set to become a big mixed-use community hub full of life. We know lots more people are moving here every year so this development will definitely help with economic recovery after COVID-19. Thanks so much to the Province for setting up this process so construction can start possibly as early as next year.”
About Smart Centres
Smart Centres Real Estate Investment Trust ranks among Canada’s largest fully integrated REITs. They have an outstanding portfolio with 166 well-placed properties across communities nationwide. Their assets total $10.4 billion owning more than 34.2 million square feet of value-focused retail space that’s over 97% occupied on about 3,500 acres throughout Canada.
The company keeps focusing on making Canadians’ lives better by planning connected mixed-use neighbourhoods on its current retail sites. A publicly announced $12.1 billion intensification plan ($5.5 billion share for Smart Centres) shows where they’re putting most effort now-with construction expected within five years-covering rental apartments, condos, seniors residences & hotels under the Smart Living name; plus retail spaces offices & storage units under their main banner.
Their intensification plan aims at adding roughly another 59.3 million square feet (27.9 million square feet owned by them). Of that amount about half (27.3 million sq ft /12.4 mln sq ft their share) either started or will soon start being built within five years. From regular shopping centres all way through large urban hubs , they’re well positioned reshaping Canadian cityscapes both urban core areas & suburbs alike.
Part of this growth includes their stake in Smart VMC – which when finished should feature roughly eleven million square feet mixed-use space located in Vaughan , Ontario. The initial five phases sold out already include Transit City Condominiums totaling nearly twenty eight hundred residential units currently advancing smoothly. Final sales closings began ahead schedule back August ’20 – by September end , seven hundred sixty six units representing around seventy percent from first two phases closed ; rest expected before year’s end. The third phase offers six hundred thirty one units plus twenty-two townhomes – all sold out – under construction now aiming closures during ’21. Fourth & fifth phases combined adding just over one thousand units underway also expect closures happening by ’23.
Some statements here are “forward-looking statements” expressing management’s expectations about future growth opportunities & performance; these include timing predictions related construction schedules/condo closings plus phrases like “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will,” etc., which reflect guesses not facts. These forward-looking remarks help shareholders understand operational context but may not suit other uses since risks/uncertainties exist-the details appear under sections named “Risks and Uncertainties” found within Management’s Discussion & Analysis ending June ’20 plus “Risk Factors” inside Annual Info Form ending Dec ’19. The actual outcomes might differ significantly despite reasonable assumptions made based info available today. The trust does not promise updates unless law demands it.
For more info please check www. smartcentres. com or reach out:
Sandra Kaiser
Vice-President , Corporate Affairs
Smart Centres
(416) 605-7367
skaiser@smartcentres. com
