Former factory and 14-storey condo project getting grants from City of Guelph

0
1125

Ontario Construction News staff writer

Guelph will provide grants to preserve heritage aspects of 120 Huron St., at a cost of $1.7 and $1.5 million to help clean up land at 71 Wyndham St. S.

The grant for 120 Huron will be tax breaks over the next decade, while the money for 71 Wyndham will be available if the property is reassessed at an increased value by March 2024.

The Huron project from Momentum Developments is expected to bring in $2.7 million in development charges and $488,000 in annual property taxes, while Wyndham would provide almost 2.5 million in development charges to the municipality and $594,000 annually in property taxes, Guelph Today reports.

It will include the transformation of the former Uniroyal and Northern Rubber plant into an 87-unit condo and 59 cluster townhouse units.

Council approved the 14-storey, 140-unit condominium project two years ago and, even though the design reaches four-storeys above height restriction for buildings in the area. Provincial legislation permits additional height or density if it “is considered to be good planning and that the owner provides an agreed upon benefit to the community.”

According to a city staff report, Tricar Group will pay 25 percent of the value difference between the approved 14-storey development and a 10-storey building to the city.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.