A controversial two-tower residential development proposed for the long vacant Dickson Bowl property on Ainslie Street South could be moving forward after stagnating for the last three years.
A release on MarshallZehr Group's website says the mortgage broker has reached a "land financing solution" for Atlantic Development Group to "refinance existing debt and fund pre-construction activities" for its plan to redevelop .65 hectares at 61-69 Ainslie St. S. in Galt.
When completed, the development is proposed to contain 392 residential units in two towers of 15 and 20 storeys in height, and commercial space on the ground floor of a five-to-seven storey podium.
The podium would contain 318 parking spaces, including 13 spaces shared as commercial and visitor parking spaces.
The release says "the sophisticated design and architecture of this building will make a great addition to an already thriving downtown community."
"We look forward to seeing this development take shape and our continued partnership with Atlantic Development Group," said the release.
Activity on the application stalled following a public meeting in October 2020 that raised concerns about the height of the towers, lack of parking provisions and overall density of the development in the historical Galt core.
The developer submitted applications for official plan and zoning bylaw amendments asking for changes to reduce the floor space required in each unit, allowances for the height of the towers, maximum density on site and setback requirements.
The minimum parking rate of one space per unit would also have to be reduced to .78 spaces per unit.
Existing buildings on the property would be demolished, including the dilapidated former Dr. Junk antique shop building at the corner of Ainslie and Bruce streets, all of which have been vacant for more than five years.
The property is directly adjacent to the Ainslie Street bus terminal and is considered a major transit station area next to the future terminus of the LRT's Cambridge route.
An attempt to reach Toronto-based Atlantic Development Group for comment went unanswered.
The City of Cambridge says staff expect to have a report and recommendation for council to consider sometime this spring.
