Projects Update

In our last update for the Fourth Avenue project, we shared that the planning strategy had been formalized through a Draft Plan of Subdivision and that the OPA/ZBA applications had been submitted to the City following Pre-Consultation, with the consultant team fully engaged and the file advancing through the municipal review process.

Since then, the application payment was completed on November 25^th, allowing the City to formally process the OPA/ZBA and Draft Plan of Subdivision submissions. The project team is now awaiting City comments, which will inform the next steps in the approval process and the timing of future submissions.

As previously communicated to shareholders, we were presented with an offer for a portion of the Fourth Avenue lands. The transaction concerns BLK 1 and BLK 2, comprising approximately 5.641 acres of vacant land. As outlined in the APS, the sale of the property is subject to conditions. With regards to the sale, the transaction remains conditional upon confirmation of site servicing capacities, which we are currently awaiting from the City. We are applying pressure for timely confirmation and anticipate receiving clarity in the new year, with an extension provided until January 15^th.

We will continue to provide updates as feedback is received and the file progresses through review.

Upcoming Milestones:

Draft Plan of Subdivision Application (All Parts): August 28, 2025
Official Plan Amendment/Zoning By-law Amendment Application (All Parts): August 28, 2025

Timelines:

Official Plan Amendment: Q3 2026
Zoning By-law Amendment: Q3 2026
Draft Plan of Subdivision Conditional Approval: Q1 2026
Draft Plan of Subdivision Approval: Q3 2026
Site Plan Conditional Approval:
Site Plan Complete Approval: Q4 2026
Building Permit Issued: Q3 2027

 

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.