We have recently found out that there is an exciting proposed high-rise condo project for the city core. According to an article in the Guelph Tribune, a London-based real estate developer is proposing the construction of an 18 storey luxury high rise condominium complex on the corner of Woolwich and Macdonell streets.

The Co-operators currently own the property and have announced the sale of the property to Tricar Group. The article states that the sale is conditional on the buyer being able to secure appropriate planning approvals.

Important to note is that this type of development is in line with the city’s target for growth in the downtown area. Under the provinces “Places to Grow” legislation, Guelph needs to create 3500 new residential units in the downtown area by 2031.

The article points out that this particular development will create roughly 150 residential units ranging one to three bedrooms with commercial on the lower floors and residential starting on the fourth floor. This will be a high end development aimed at baby boomers and empty-nesters. Units are expected to sell for prices starting in the mid-$200,000 range.

This is definitely an exciting up and coming project for downtown Guelph.

Best Wishes,

David Weber - Sales Representative

Re/max Real Estate Centre Inc.

www.GuelphRealEstateAgent.ca