Projects Update

In our last update, we mentioned that the Zoning By-law Amendment (ZBA) submission for Smithville is in progress. The ZBA application for the project has now been deemed complete, but, we have received minor comments from the City which our team is currently reviewing and working on. We are preparing for a final submission that will address the City's feedback. Since receiving the first batch of comments in January, we have engaged in multiple rounds of discussion and revisions with the City and the Region.

Further, in light of evolving market conditions, we are exploring two options for the next stage: converting the front condo units to rental properties or proceeding with a full townhouse subdivision. We will update you on this in the next quarter and will hold a meeting to discuss with shareholders in the coming weeks.

Upcoming Milestones:

ZBA resubmission: May 2025
Shareholders Meeting: Q2 2025

Timelines:

Zoning: Q3 2025
SPA: Q3 2026
Building Permit: Q4 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.