Initial proposed rendering for building at Allan & Randall downtown Oakville

The Town of Oakville announced this week that it has reached a settlement with Rosehaven Homes Limited and Melrose Investments Inc., regarding a number of new development proposals in downtown Oakville.  The settlement reduces the scale of their development proposals in downtown Oakville and avoids having to go through an appeal to the OMB (Ontario Municipal Board).

The Town feels that the revised proposals better fit the Town’s ‘Livable Oakville’ vision.  ”This settlement achieves the objectives of the Livable Oakville Plan and assists in the implementation of our recently completed Downtown Oakville Strategic Review – a review developed through participation of the downtown BIA and area residents,” Mayor Rob Burton said. “We are always pleased when developers work with us in furthering our vision of a vibrant and commercially stable downtown. It’s reinvesting for the future.”

The details of the settlement are as follows:

• 153 and 157 Reynolds Street – Melrose Investments Inc. and Rosehaven Homes Limited had applied to construct a 9-storey condo apartment building. The settlement revises the plan to construct six freehold townhouses instead.
• 296, 300, 312, Randall Street, 293 Church Street, 131 and 135 Trafalgar Road – Melrose Investments Inc. and Rosehaven Homes Limited had proposed the construction of two, new, 6-storey mixed use residential / commercial buildings. Through the settlement, they have agreed to construct one, 4-storey building with retail along the first floor and condominium residential units above. The developers will also be required to restore and refurbish 293 Church Street, which the Town of Oakville will be designating a heritage property.
• 132 and 136 Allan Street – The initial proposal was to build an 11-storey condo building. The settlement agrees to the construction of a 6-storey condo building that will be used for either office or residential uses.
• In exchange for allowing the 6-storey building at 132 and 136 Allan Street, the developers will be required to provide 20 parking spaces to the town of Oakville for the purpose of a public parking lot. The public parking lot will be located on the 296, 300, 312, Randall Street, 293 Church Street, 131 and 135 Trafalgar Road properties with access to the parking lot from Trafalgar Road.

For further information, visit the news release from the Town of Oakville.

Ryan Chelak is a licensed Real Estate Broker serving the Oakville, Burlington, Mississauga Real Estate Markets. Original article found at www.iBlogOakville.com