Projects Update

In our last update for the Rymal Road project, we noted the revision of the design to enhance both the financial and functional aspects of the development. By removing a level of underground parking, we significantly reduced construction costs, resulting in great savings for the project. Further, in response to evolving market conditions, we transitioned the project to a rental model. With this transition we are set to benefit significantly from Development Charge (DC) savings, further improving the financial viability and appeal of the project. This transition to a rental-focused development makes the project even more attractive from both an operational and investment standpoint.

We have since transitioned from a condominium model to a rental model. Consequently, we engaged SVN Rock to conduct a rental market analysis and feasibility study to support the redesign of this project. The redesign was submitted for Zoning Compliance Review as we made changes to the development.

We previously mentioned that we were also undergoing a zoning compliance review due to changes in the site orientation and design. We are happy to note that the Zoning Compliance Review is complete and was received on July 15, 2025. The updated plans were well-aligned with the City’s zoning requirements, based on the comments provided for the previous concept. We are now instructing our consultants to revise the drawings for the first Site Plan Application submission.

Upcoming Milestones:

Zoning Compliance Review: Complete

Timeline:

Zoning: Complete
SPA: Q4 2025
Building Permit: Q1 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.