February 17, 2016
Earlier today, the City of Cambridge and HIP Developments officially announced project details for the revitalization of 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 the 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.
About the City of Cambridge
The City of Cambridge is one of the fastest growing areas in the country. It is strategically located astride highway 401 in southwestern Ontario, part of Canada's Technology Triangle. With a multicultural mix and a strong foundation of support services, Cambridge has a diverse economic base with leading industries in advanced manufacturing, automotive, technology, pharmaceutical, business and financial services and hospitality/retail. The Corporation of the City of Cambridge is an employer with a progressive work environment focused on creativity and innovation, and offers opportunity for career growth and advancement.
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