Ontario Construction News staff writer
The real estate investment firm Rose Corporation, in partnership with Claridge, has purchased a 241-acre property in the Midhurst Heights area of Springwater Township in a $116-million transaction.
Currently, the plan is for 1,400 residential units with a draft plan of subdivision and zoning bylaw amendments approved through a 2014 decision by the former Ontario Municipal Board.
“Working with our partner Claridge (a private investment firm headquartered in Montreal), The Rose Corporation team has secured significant financing to complete the acquisition and development of 241 acres within the Midhurst Secondary Plan,” Daniel Berholz, president of the Rose Corporation said in a news release.
“The secondary plan approvals have taken more than 15 years to secure, making this community a very rare find.”
Springwater council has authorized an initial phase of the subdivision agreement, permitting preliminary sitework to begin. However, the developer must comply with all 158 conditions of approval prior to registration of the subdivision.
“We are excited to be working together with Springwater Township and the Midhurst Landowners Group to animate this new master planned community,” said Andrew Webster, Rose Corporation’s senior vice president.
“Bringing the plan to life will require a significant investment in the external infrastructure including state of the art water and wastewater treatment plants, and improvements to local roads. The Rose Corporation is committed to creating beautiful, affordable and sustainable developments. This community is no exception, and benefits from a breathtaking location, on the edge of one of Ontario’s best outdoor playgrounds.”