Projects Update

In our last update for Station Sixty, we emphasized our continued focus on advancing the Site Plan, building on the groundwork established earlier this year. We have since secured Conditional Site Plan Approval, along with an extended timeline for satisfying the conditions. We are currently in the condition clearing phase and in response to evolving market conditions we are redesigning the project to transition it into a purpose-built rental development. 

Key developments: 

• Remediation Requiremen
  We are negotiating remediation costs and finalizing the proposal. Once finalized, a cash call will be going out to partners as these expenses will need to be shared across all shareholders. A final cost and contribution deadline will be communicated to all partners soon.
• Development Charges (DC) Exemption
  We are actively negotiating potential DC exemptions for this site. This strategy is contingent on the revised project direction.
  
• New Concept Design
  In response to evolving market conditions, a rental-focused concept design is in progress. We aim to present the updated design in the next shareholder’s meeting. A revised pro forma reflecting the rental model will also be shared. We will reach out with proposed meeting dates in the upcoming weeks.
  

Upcoming Milestones:   

Project redesign: Q2 2025 
Shareholders Meeting: Q2 2025

Timelines:  

Zoning: Complete 
SPA: 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.