Projects Update

In our last update, we noted that we are refining the project design for Upper James to enhance cost efficiency. As part of these efforts, our team was working to modify the project drawings to eliminate the previously planned underground parking and transition to podium parking instead. This change will result in significant cost savings. Additionally, we continue to evaluate potential adjustments to site access. These revisions are being made with the goal of aligning the project more closely with both financial objectives given the current condo market, as well as regulatory requirements.

We have since received an extension on the conditional Site Plan Approval until September 2, 2026. The redesign is nearing final review from all stakeholders, including ownership, finance, the rental market consultant, and the project planner.

We are now instructing our consultants to revise the drawings for resubmission to secure approval and satisfy any outstanding conditions.

Upcoming Milestones:

Site Plan Resubmission (Cycle 3): Q3 2025

Timelines:

Zoning: Complete
SPA: Q2 2026
Building Permit: Q3 2026

All projected timelines are indicative and reflect current market conditions and planning assumptions. As with any development project, these estimates remain subject to change due to evolving regulatory, market, and construction environments. Accordingly, dates should be considered as targets rather than definitive deadlines.