Projects Update

In our last update for Port Colborne, we highlighted exciting news for the project: Asahi Kasei, a multinational Japanese chemical company, announced that they plan to build a new electric vehicle battery separator plant in the region. They have already broken ground, and a $98 million grant has been secured to support the plant's infrastructure. Through our ongoing advocacy, we successfully persuaded the city and government to extend the main water force to our property, nearly 500 meters, resulting in significant savings by avoiding this substantial external cost. The remaining 500-meter extension was initially our responsibility, but after further lobbying, the city was able to secure a federal grant to halve those costs.

We are now working to reduce the remaining expenses even further by exploring the possibility of the city partnering with us on these costs. This represents a major financial saving and is accelerating our progress on the project. We also noted that our team is currently in early discussions with the City and Asahi Kasei, who have expressed preliminary interest in the potential purchase of up to 300 homes. These conversations remain exploratory and, of course, are highly dependent on overall project timing and market conditions. The city has assured us that they are committed to expediting this process to address housing needs and are eager for both projects to move forward in tandem.

We continue to build on these discussions to work towards a fair agreement, potentially with Phase 1A of the project as the focal point of these discussions. Phase 1A is comprised of approximately 300 residential units, which will include a diverse range of housing types, such as standard townhomes and 40-foot single-detached dwellings. Development of Phase 1A will commence based on the city's housing demand to support the upcoming electric vehicle battery separator plant. 

Upcoming Milestones:

Master Plan Concept Design: Q4 2025
Draft Plan of Subdivision Application (Phase 1A): Q4 2025 

Timelines:

Draft Plan of Subdivision (Phase 1A): Q4 2025
Registered Plan of Subdivision (Phase 1A): Q2 2026
Building Permit (Phase 1A): 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.