Projects Update

We closed on the Markham Cachet Woods project in Q2 2024. We completed all the required studies for the SPA (Site Plan Agreement) and made the submission on November 26^th 2024. The City circulated preliminary comments on January 22nd 2025. We are currently awaiting the full comments package and have already begun addressing issues unrelated to site access in preparation for the next submission. 

A central issue identified with the project relates to Northern and Central site access points, which were flagged due to their proximity to the adjacent overpass. While this did prompt further dialogue with City and Regional stakeholders, the response has been constructive. A City-assigned facilitator has now been appointed to our file, a significant step in helping coordinate and expedite the review process across departments. The site access issue has slightly extended our timeline, but we view this as a necessary step to ensure long-term functionality and safety for the site. Importantly, discussions with the City, Region, and local Councillor have been positive, with openness to flexible solutions.

A key development that has slightly adjusted our timeline but positively impacted the project is the redesign and successful integration of 11,000 SF of medical gross floor area (GFA) into the site. Strategically located in street-facing, high-visibility positions, this space significantly enhances the commercial value of the project. Medical space yields substantially higher value per square foot compared to standard retail or light industrial uses, improving both the financial proforma and the marketability of the site. This is a major gain for the project.

Once the access matter is resolved, we intend to move forward with a Site Plan resubmission within 4–5 weeks. If approved, we will then proceed to condition clearing, which typically takes 4–6 months, depending on the scope of conditions issued.

We're confident the short-term extensions will yield significant long-term returns.

Upcoming Milestones:

Condition Clearing: In Progress
SPA Resubmission: Q2 2025

Timelines:

Zoning: In Compliance
SPA: Q3 2025
Sales Launch: Q3 2025 (Subject to market conditions)
Building Permit: Q4 2025

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.