Hespeler residents could be getting a few thousand new neighbours over the next several years if a plan moves ahead to expand the city's urban boundary.
A real estate private equity firm has put the call out to investors to buy shares in a farm property between Chilligo and Hespeler roads it says is poised to be included in Hespeler's urban boundary and primed for development.
The 124-acre property has been acquired by Greybrook Securities Inc. and an estimated 95.7 acres is deemed "developable," banking on its inclusion in the urban boundary through proposed changes to the city's and region's official plans.
A preliminary concept draft plan for the property includes a projected 856 lots, comprised of 269 single-detached lots, 398 18-foot freehold townhome lots, and 189 18-foot freehold common element condo townhome lots.
In a virtual presentation in February, Greybrook CEO Sasha Cucuz outlines the offering for the property which was acquired for a purchase price of about $522,000 per net developable acre.
Although the property remains agriculturally zoned and no known application is on file with the city, it was mentioned in a pitch made by Mayor Jan Liggett to Housing Minister Paul Calandra last fall after he invited mayors across the province to suggest any changes to local official plans after walking back unilateral changes made by the previous housing minister.
In her letter to Calandra, Liggett said the city wants to extend the urban boundary into lands north of Maple Grove Road and west of Hespeler Road to retain residential development potential and allow the city to begin background studies "to create a well planned expansion to the Hespeler community."
The proposal put out by Greybrook Securities mentions Bill 162 (The Get It Done Act, 2024), tabled in the legislature on February 20, which proposes to situate the lands inside the “urban area” in the region's official plan, and would enable the lands to be developed for residential and community uses.
A closing condition of the offering states that the lands be included within the urban area and developable in the manner intended by the investors, "whether by way of Bill 162 receiving Royal Assent or through other legislation or regulation."
