Projects Update

In our last update for the Rymal Road project, we discussed securing alternative servicing for the development, with a focus on revising and fine-tuning the design to optimize the project.

The design for Rymal has now been carefully revised to enhance both the financial and functional aspects of the development. By removing a level of underground parking, we’ve significantly reduced construction costs, resulting in great savings for the project.

Further, in response to evolving market conditions, we have 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 are currently undergoing a zoning compliance review due to changes in the site orientation and design. We’ve already submitted the revised plans to the City of Hamilton for this review and are optimistic about receiving positive feedback. The updated plans are well-aligned with the City’s zoning requirements, based on the comments provided for the previous concept. We will then resubmit for a final round of Site Plan Control.

Upcoming Milestones:

Zoning Compliance Review: Q2 2025

Timeline:

Zoning: Complete
SPA: Q3 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.