Projects Update

In our last update, our team was continuing their work on the ZBA, Official Plan Amendment (OPA), and Site Plan Application (SPA) submissions for Fourth Avenue. We also noted the elimination of underground parking for this development, significantly reducing costs for the project. At the rear of the property, we are creating a neighborhood park, which aligns perfectly with the city’s vision and adds great value to the plan.

Since then, our team has developed a master plan concept to create multiple parts (Draft Plan of Subdivision) and to comply with the city's Pre-Consultation comments and requirements.

The Draft Plan of Subdivision divides the lot into four parts: Part 1 (Site Plan; Two Rental Buildings), Part 2A (Freehold; Townhouses), Part 2B (Site Plan; Condo Townhouses), Part 3 (Site Plan; One Rental Building), and Part 4 (Neighborhood Park).

For Part 1, we have proposed a rental model in response to changing market conditions. Accordingly, we engaged SVN Rock to prepare a rental market analysis and feasibility study to support the project design. We also developed the project design to enhance efficiency, conduct value engineering, and implement the feasibility study concerning unit size, unit mix, and the requirements for amenities, commercial spaces, and parking.

For the remaining parts, the plan is to obtain the Official Plan Amendment (OPA) and Zoning By-law Amendment (ZBA) approvals only, with further development planned at a later stage contingent upon market absorption. All consultants have been retained and are working collaboratively to complete the necessary drawings and reports for the upcoming city submission.

The estimated timeline for OPA/ZBA and Draft Plan of Subdivision submissions is by the end of August 2025.

With everything progressing smoothly, we are excited about the future of this project and its potential to become a key feature in the area.

Upcoming Milestones:

Draft Plan of Subdivision Application (All Parts): In Progress
OPA/ZBA Application (All Parts): In Progress
Site Plan Application (Part 1): Q4 2025

Timelines:

Zoning: Q4 2025
SPA (Part 1): Q1 2026
Building Permit (Part 1): Q2 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.