Maroc - STOREYS.COM - A La Une - 26/Jul 20:29

Rose Corporation Acquires Largest Land Parcel In Midtown Oakville For $45M

Earlier this week, Toronto-based development and asset management firm The Rose Corporation announced that it had acquired the largest land parcel in Midtown Oakville, with an eye on high-density mixed-use development for the site in the future. The site is 420-468 South Service Road, a 27.3-acre property just east of Trafalgar Road and south of the QEW (Highway 403) that's also within 400 metres of the Oakville GO terminal expansion area, two kilometres from Downtown Oakville, and within walking distance from Oakville Place Mall.It was formerly occupied by a General Electric Lighting Lamp Plant, but the facility on the site was demolished in 2009 and the parcel is currently vacant, save for a portion of the old building's facade, which is listed in Oakville's heritage registry.The property was listed over a year ago, on behalf of General Electric, by the CBRE Land Services Group, led by Mike Czestochowski and Lauren White, and was acquired by The Rose Corporation for $45M."The offering represents an unmatched opportunity for a future high density, mixed-use development given the Site's location within the Midtown Oakville Plan, which is currently in draft form," said CBRE in its list brochure. "The Property is proposed to be entirely designated Urban Core, which are areas slated for the highest densities within Midtown. These areas allow for a comprehensive and large-scale development with a mix of compatible uses and a series of parks and greenspaces throughout." The 420-468 South Service Road site in Midtown Oakville.(CBRE)The potential was a big part of the appeal for Rose Corp."It's been on and off the market for many years because of a number of things," Rose Corp President Daniel Berholz tells STOREYS, "but, over time, the planning has become more focused and there's been a series of iterations over the last few years that we've been following, which gives us the confidence of, within a reasonable timeframe, being able to develop what they're looking for — a mixed-use community with residential, commercial, office, active transportation, with access to an expanded GO station."Berholz says they are currently in very preliminary stages of planning for the site and that bringing the vision to fruition will take at least a decade. "We know this is a long-term play," he says.For The Rose Corporation, this is not the first — or second, or third — time they've acquired a grey or brownfield site. In September 2022, Rose Corp and Montreal-based private investment firm Claridge announced they had acquired 241 acres of land in Midhurst Heights, in the Township of Springwater. They're planning a 1,400-lot subdivision and are currently working on servicing the land, says Berholz.As to why Rose Corp has repeatedly sought grey or brownfield sites, Berholz says the company started out with a few, but then provincial regulations got tighter and more parcels of land became designated as brownfield sites, and their experience with the remediation process grew. "What would just be a normal piece of land maybe 30 years ago became a site you had to remediate," says Berholz. "So we've just gained an expertise in that area and we have a vision to build strong, vibrant communities that are in excellent locations."