Smart Centres is officially moving forward with plans to build a residential neighbourhood on its 73-acre site in Cambridge, Ontario, which used to be zoned only for retail.
A Minister’s zoning order has now approved the site at 22 Pinebush Road for residential, office, institutional, and commercial uses. The property sits at Hwy 401 & Hespeler Rd and currently holds a 22-year-old shopping centre with 44 stores like 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 Smart Centres. “Working with staff, our goal is to begin Phase 1 in 2021. Smart Centres will continue to proactively change it’s property uses to align with ever-evolving communities and marketplaces across Canada.”
The project is planned to take place over the next decade or two. When finished, the community will span about 11 million square feet and offer up to 10,000 new homes including rental apartments, condos, townhouses, and senior living options.
“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 Mc Garry. “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.”
