Greybrook announced today the successful closing of an equity investment by its managed issuer of $24,680,000. The funds will be used to acquire and manage a development spanning 95.7 projected net developable acres, located north of Maple Grove Road, between Hespeler Road and Chilligo Road in Cambridge, Ontario. We intend to navigate the lands through the planning approvals stages before ultimately marketing them for sale.
The project site is located approximately 3 kilometers from Highway 401, with direct access to a 401 on-ramp via Hespeler Road, facilitating convenient connectivity to the neighbouring Tri-Cities of Guelph and Kitchener-Waterloo. Cambridge is a city experiencing rapid growth, drawing a diverse range of demographics, including a significant number of new immigrants. The City is located within the Region of Waterloo, which is home to top universities like the University of Waterloo and Wilfrid Laurier University. Cambridge is at the heart of the Toronto-Waterloo Corridor, which is recognized as the third-largest tech market globally. The City’s appeal is further enhanced by its proximity to major employers such as Toyota, Aecon, Sunlife, and Loblaw, and its location within an hour’s drive from the urban centers of Brampton and Mississauga, as well as downtown Toronto. Nestled at the meeting point of the Grand and Speed Rivers, Cambridge has over 100 parks and 35 scenic trails spread across over 365 acres of parkland and natural green spaces.
“With limited land available for development, we are thrilled to have the unique opportunity to be the exclusive developers of a land development project in Cambridge, a city within a Region that we know well and hold in high regard,” said Jared Dykstra, Senior Vice President, Asset Management at Greybrook Realty Partners. “The desirability of the city is growing, and there are currently a limited number of new housing developments underway. Following the attainment of the necessary planning approvals, the land will be primed for master-planned development, addressing the pressing need for housing in a supply-constrained city.
