A London, Ont.-based firm wants to build an 18-storey luxury condominium on land adjacent to The Co-operators’ headquarters on Macdonell Street.
Tricar Group would build the structure on land it would purchase from The Co-operators — where another Co-operators office complex and a private daycare operation exist at present. The companies jointly announced the proposed sale and development Wednesday.
With two unrelated highrise development proposals on other sites near the Speed River, the former W. C. Wood and Marsh Tire sites, local affordable housing proponent Ed Pickersgill said this residential “clustering” would change the flavour of the downtown significantly if it came about.
“The river will run between the towers,” Pickersgill said.
The Tricar project requires the municipality updating planning regulations, which is currently under consideration, though he said a city hall endorsement is by no means assured.
“That’ll be a tough haul,” Pickersgill predicted. “It certainly would be a unique height.”
But Tricar operations vice-president Adam Carapella, no stranger to Guelph, said the proposal would fit in well with the changing core.
“We believe in downtown Guelph. We think it’s ready,” he said. Tricar has built highrise complexes throughout southern Ontario, including Riverside Residences on the Park on Woolwich Street and Wyndham Place on Wyndham Street, in Guelph. It’s currently building an 11-storey condo complex on Belmont Avenue, in Kitchener.
The cost of the Guelph deal, slated to close in the fall, wasn’t disclosed.
Co-operators public affairs director Frank Bomben said the Co-operators staffers working in the building subject to the proposed deal would be relocated.
The Co-operators sold most of its portfolio of real estate holdings in Guelph to local landlord and property management firm Skyline. Bomben noted it was Skyline, in fact, that introduced Co-operators to Tricar last fall, leading to the new development initiative.
“We were impressed with the quality of their work,” he said of Tricar.
Bomben said the proposal dovetails with the city’s desire for more downtown residential space and the provincial government’s infilling initiative Places To Grow, which is intended to discourage urban sprawl in southern Ontario.
Carapella said Tricar doesn’t need to acquire more land to build at 148-152 Macdonell St. If certain municipal changes go ahead, they would allow a building up to 18 storeys there. “That’s what we’re basing our plans off of,” he said.
The developer envisions 150 condo units above several levels of above-ground podium parking and one level of underground parking. The first floor, however, is primarily devoted to 10,000 square feet of commercial space, for use as a fine-dining restaurant, retail store, hairdressing salon or the like, Carapella said.
“It never would have occurred to me that someone would put a luxury condominium (development) on that location,” Pickersgill said.
But with other proposals, it means a lot of potential residential growth downtown, including on the Baker Street site, Yarmouth Street and the former Gummer building on Douglas Street, he said. And it’s also near city amenities like the River Run performing arts centre and parking garages.
He’d love to see marketing studies on how this growth would impact such city features, Pickersgill added.
(Vik Kirsch, Mercury Staff) View article here.