At Last - The American Standard Property Comes To Life
‘The Standard’ and ‘Riverbank Lofts Development To Begin Immediately
Cambridge, Ontario - The City of Cambridge and HIP Developments officially announced development project details for the former American Standard property along the Speed River in Hespeler Village.
The $50 million project will see the construction of “The Standard,” a new 10-storey, 152-unit, luxury apartment community, and the conversion of the iconic riverside mill building into 45 condominium units set to become the “Riverbank Lofts.” “The Standard” building will also include a 1,500 square foot ground-floor retail unit with an outdoor patio on Queen Street.
“The rivers are a key part of our community and heritage,” remarked Mayor Doug Craig. “Not only will this development rejuvenate the land along the Speed River, but also contribute to the vibrancy of the Hespeler downtown core.”
The development plans for the site were approved by the Cambridge Municipal Heritage Advisory Committee in October of 2015. Including community and park space, the site is envisioned to become a focal point for Hespeler Village, and transform and revive a historic river presence in the area. Remaining materials from the former buildings will be repurposed and incorporated into property signage and throughout the public space.
The development is anticipated to bring more than 300 new residents to the Hespeler core and allow residents to enjoy the ambiance of the river and close proximity to parks, dining and shopping in the Village.
“We’re excited to get started on this project,” said Scott Higgins, president for HIP Developments. “This development is about more than just constructing buildings; it’s about community building, and how the project will enhance the Hespeler core and create a space for everyone to enjoy.”
HIP Developments is a local real estate development company based out of Waterloo, Ontario. Working together with general contractor, Melloul Blamey, HIP Developments anticipates construction to be complete in the fall of 2017.
"We've worked hard over the past year with ward councillors and the BIA to really plan a project that fits," said Higgins. "Downtown merchants have a challenging time as a result of the infrastructure makeover in downtown Hespeler which needed to be done so that developments such as this can now take place. We really had to get creative with city staff to find ways to solve the infrastructure problems. We had to tweak the plan which had been under development for 8 years, and find a way to make it work. Everyone got on board at an early stage and now there will be no more delays and we can begin immediately," said Higgins.
HIP Development's Scott Higgins Makes Detailed Announcement
Video: Scott Higgins explains his excitement and important aspects of the project
Mayor, Councillors, and Developers Announce Hespeler Core Residential Project
Riverbank Lofts Part Of Hespeler Village Development