Guelph-based Fusion Homes has acquired the 329-acre Guelph Innovation District lands where the firm says it plans “the most significant development in the history of Guelph.”
The site is largely undeveloped and bordered by Stone Road East, Victoria Road South and Clythe Creek, with the Guelph Junction Railway running through a portion of the property. It is located in an area which connects the city’s growing south end with its downtown core.
Guelph is a city of about 140,000 residents located on the western edge of the Greater Toronto Area in the Waterloo, Kitchener, Cambridge region which is undergoing major population growth. Waterloo is also acknowledged as one of Canada’s major tech hubs.
“I am incredibly excited and proud of the Fusion Homes team for our work to acquire the Guelph Innovation District,” says Lee Piccoli, Fusion Homes’ CEO and founder, in the announcement Thursday afternoon. “This development will be transformational for the city, truly defying expectations of what community-building in Guelph can and will look like.”
Financial details were not disclosed.
Development plans still being worked out
Development plans for the site are in the preliminary stages, but Fusion Homes envisions a mixed-use development, bringing 6,000-plus new residents in a mix of housing types, the potential creation of thousands of jobs and entertainment, shopping and dining experiences.
“The Fusion team is ready to begin the journey of transforming GID as soon as possible, however we only have so much control over the timelines and process,” Piccoli told RENX in an exchange of emails. “As we know, there is a large need for housing supply in Guelph and developing this new community in a timely manner is our priority.”
The property had been on and off the sale market for the past couple of years, marketed by CBRE on behalf of Infrastructure Ontario and the Agricultural Research Institute of Ontario. It also comprises the GM Frost Centre buildings and the former Wellington Detention Centre lands.
A 36.7-acre portion of the site is considered conservation lands, according to a brochure circulated by CBRE to prospective buyers.
It includes 3,539 feet of frontage along Stone Road East and 4,832 feet along Victoria Road South. Under the city’s Official Plan, it is zoned for mixed-use residential and employment purposes. Current planning calls for over 4,000 jobs to be created on the lands.
It sits directly across Victoria Road South from the University of Guelph and the university’s Arboretum site. It is just moments from the Guelph Central Station train and transit hub.
About Fusion Homes
Fusion Homes was established in 1999. The firm has constructed more than 3,300 homes across Southern Ontario and has earned six Tarion Awards of Customer Satisfaction.