GUELPH, ON, Jan. 19 /CNW/ - The Co-operators announced today the sale of
its property at 148-152 Macdonell Street in Guelph to the Tricar Group,
a real estate development company specializing in luxury high rise
condominiums based in London, Ontario. The sale is subject to closing
conditions and securing the appropriate planning approvals. Tricar will
be proposing a high-end condominium and commercial complex on the land,
which is situated in downtown Guelph, overlooking the scenic Speed
The development will contribute to the achievement of one of the City of
Guelph's priorities, which is also mandated by the province's Places to
Grow program - creating more dense and sustainable development in the
city. The proposed building, which includes approximately 150
residential units as well as commercial space on the ground floor, will
provide a boost for the downtown as it will allow more people to live
and shop in the area.
"It's rare that such an ideal property in a lively downtown location
become available for development," said Joe Carapella, President of
Tricar. "There is a healthy market for high-end condos in downtown
Guelph, and we expect a great deal of interest in these suites."
In 2008, The Co-operators divested the majority of its real estate
portfolio, but kept ownership of this property adjacent to its head
office in order to ensure it would be developed in a way that benefited
the city. Tricar, a locally-owned leader in the development of luxury
highrise condominiums, was an ideal buyer whose plan will create
much-needed residential space downtown.
"It was important to us that the potential of this piece of land be
realized for the betterment of the community," Kathy Bardswick,
president and CEO of The Cooperators. "A development of this scale and
quality will be a real boon for the downtown core."
About The Co-operators:
The Co-operators Group Limited is a 100 per cent Canadian-owned
co-operative with more than $42 billion in assets under administration.
Through its group of companies, it offers home, auto, life, group,
travel, commercial and farm insurance, as well as investment products.
The Co-operators is owned by 47 Canadian co-operatives, credit union
centrals and like-minded organizations. It is well known for its
community involvement, and is listed among the 50 Best Employers in
About Tricar Group:
The Tricar Group is a family owned and operated real estate development
company specializing in the development of high rise condominium and
apartment suites. For 25 years Tricar has been an industry leader
having completed over 4,000 suites throughout Southwestern Ontario and
recently has been a catalyst in the revitalization of downtown London
with over 700 condominium and apartment units completed or currently
under construction in the downtown core. Previous developments in the
City of Guelph include the last two high-rise projects completed in the
City; Riverside Residences on the Park located at 685 Woolwich St, and
Wyndham Place located at 60 Wyndham St overlooking the Speed River.
SOURCE The Co-operators
For further information:
|Frank Bomben |
| || ||Adam Carapella|
The Tricar Group
519-652-8900 ext. 119