TORONTO--(BUSINESS WIRE)--Pinemount Developments Ltd. (“Pinemount”) and Harbour Equity Capital Corp. ("Harbour") today announced that on April 13, 2021, Guelph City Council unanimously approved Zoning By Law and Official Plan amendment for the re-development of the property located at 166-178 College Ave W in Guelph ON, into a 6 storey 110 unit multi-family residential building with ground floor Seniors/Day Care Centre. Pinemount believes that this project will provide a positive change to the area, providing much needed purpose-built rental units in a market with a vacancy rate just above 2%. The redevelopment of this property represents good planning in the public interest.
Ari Silverberg of Harbour said in a statement: "We are very pleased with the progress of the development thus far through the efforts of Pinemount and their team. We are looking forward to continued success in moving this project towards construction, and eventual completion and stabilization."
Pinemount is continuing its momentum on site towards the Site Plan Approval and Building Permit process, with hopes of construction starting in early 2022.
About Pinemount Developments Ltd.
Pinemount Developments Ltd. is a Toronto, Ontario based real-estate development and management firm driven by the expertise and personal attention of the firm’s founders and principals focused on the significant long-term opportunities of the burgeoning rental housing market.
Pinemount is an active developer focused on delivering quality multi-family residential mid to high rise buildings with rich amenities that enhance the living experience of its community members in the southern Ontario market. Current active projects are in the growing markets of Barrie, Guelph, Hamilton, as well as in North York, Greater Toronto Area.
More information is available at www.pinemount.ca.
About Harbour Equity
Harbour Equity Capital Corp provides equity capital to experienced real estate developers throughout Canada by way of traditional joint ventures, preferred equity and other hybrid structures. They invest in ground-up and value-add opportunities, either at the time of land acquisition or later in the development process, within a broad range of asset classes, including for-sale residential, apartment buildings, seniors housing, student housing, retail, office, industrial and self-storage developments.
Our flexible equity solutions allow our partners to leverage their equity and diversify risk. Since 2011, Harbour Equity has deployed over $210 million to over 50 joint venture investments across Canada.