Projects Update

In our last update for the Markham-Cachet Woods project we noted that we were awaiting on the full comments package from the city with regards to our SPA submission. Our team had already begun addressing issues unrelated to site access in preparation for the next submission. We also highlighted a central issue with the Northern and Central site access points, which were flagged due to their proximity to the adjacent overpass. A key development that was shared, positively impacting the project, was 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.

Since then, our team received the full comments package and after reviewing the comments, we met with the City to prepare a soft submission to address concerns about the northernmost access being too close to the passover. After meeting with the City, they requested that we confirm the access issues with the Region of York before proceeding. A meeting was held with the Region on May 9 and May 23, where their main concern was potential construction overlap (throw away costs), which Elite is prepared to absorb if needed. This will be applied to the Construction budget which will be absorbed by Construction Financing once received.

Looking ahead, a formal resubmission is planned for the first week of August. As the Region showed no major concerns and only asked to receive City consideration, we are hopeful the City will now move toward a decision on the Site Plan Submission and issue a conditional approval.

Once conditions are received, it will take approximately 3 - 4 months to clear them, after which we can proceed with the Site Plan Agreement, a prerequisite for the building permit.

Upcoming Milestones:

Second SPA Resubmission: July 31, 2025 

Timelines:

SPA: Q3 2025
Site Plan Agreement (Condition clearing): Q4 2025
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.