Over 300 acres of land in the east end of Guelph have been sold to a local developer.
Last week, Guelph-based developer Fusion Homes announced it had purchased the 325-plus acres of provincially-owned land making up what is set to become the Guelph Innovation District (GID).
The site, which is largely underdeveloped, is bordered by Stone Road East, Victoria Road South, and Clythe Creek, with the Guelph Junction Railway running through a portion of the property.
The GID lands also include 100 acres of protected natural areas and will connect the growing south end with Guelph's historic downtown core.
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Together, the lands total approximately 328.6 acres, with 3,539 feet of frontage along Stone Road East and 4,832 feet along Victoria Road South, with the Eramosa River located directly east of the properties.
Due to the site's location within the new GID Secondary Plan, known as OPA 54, the lands have been designated for a mix of employment, residential, commercial, and natural heritage uses.
The property is divided into three properties known as the Conservation Lands, Turfgrass Lands, and the Former Wellington Detention Centre (FWDC) Lands. The Turfgrass Lands and FWDC Lands will be developed for a mix of employment uses, including office and administrative facilities, as well as residential uses.
Image via Infrastructure Ontario
Meanwhile, the proximity of the sites to the neighbouring University of Guelph allows for direct connections to future employment uses on-site, while a mix of densities is anticipated throughout the Secondary Plan.
Fusion Homes said the development will "redefine the city of Guelph" and bring over 6,000 residents, thousands of jobs, and endless new entertainment, shopping, and dining experiences to the area.
"As we look to address key housing supply challenges, we’ll also be focusing on elements such as sustainability, the support of local businesses, walkability, technology, and best-in-class jobs," said the developer.
The announcement comes at a time when demand for low-density housing continues to heighten throughout the Greater Toronto Area, including in Guelph.
Housing inventory in Guelph is currently at a record low, according to CBRE Land Service Group, which was involved in the sale.
CBRE, as per Altus RealNet, said there are currently five lots (detached and semi-detached) in total among the active developments that are remaining in inventory in Guelph. There are also four low-density developments listed as coming soon which show a total of 35 lots to be released.
While the provincial government owns the property, the City of Guelph will determine its future use through its Official Plan and zoning of the property.
