CAMBRIDGE — After sitting dormant for seven years, the revitalization of Jacob Hespeler's old mills is finally happening.
Mayor Doug Craig and Waterloo-based Hip Development announced the long-awaited project at one of the old mill buildings along the Speed River on Wednesday morning.
"It's a blend of old and new," Craig said.
The $50-million development will consist of a 10-storey, 152-unit apartment building with a ground-level retail area and an outdoor patio along Queen Street.
Plans for the riverside mill building include 45 condominium units. Former developer Shawky Fahel of JG Group partnered with Hip Development in the hopes of bringing about 300 new residents to the downtown Hespeler core.
Fahel originally took on the project in 2009, but faced a series of setbacks over the years. The first units are expected to be finished by September 2017.
By Anam Latif