It’s been working with a variety of development partners in the income-producing property sector ever since.
“We had been building mid-rise multifamily structures for some time by then, and our family decided that it wanted to look a little harder into creating legacy assets and cash-flowing income properties as a way of diversifying,” president Scott Reid told RENX.
“Since then we’ve built about a dozen-or-so projects, some of which we’ve held on to and others that we’ve sold off along the way. The driving motive is to continue to build income-producing properties. About two years ago I bought my brother and two sisters out of the business, so it’s just myself now.”
The company prefers to operate in smaller Ontario markets, such as its hometown of Guelph, and primarily builds mid-rise, medium-density, investment-grade apartment buildings. It’s a full-service firm that’s able to acquire land, build rental housing, deliver completed facilities, lease buildings and manage properties.
Partnerships are important
“We’re an opportunistic set of folks and we’re usually on the lookout for good opportunities, and we like working with like-minded partners,” said Reid.
How the collaborations work often depends on whether the development land is owned by his company or someone else, according to Reid.
“Every project has a little bit of a different angle to it. We’re small enough and flexible enough that we can be quite nimble with the (deal) structures. Whether it’s a joint venture structure or a limited partnership structure, we’ll find a way to put the deal together.”
Reid’s Heritage Properties’ past projects across Central and Southern Ontario include: Aberdeen Place in Fergus; Atwood Suites, Vantage Luxury Suites and Village by the Arboretum in Guelph; The Suites at Summerside in Port Elgin; Madison Lane in Bowmanville; and Perth Mills in Stratford.
Reid’s Heritage Properties developments
Reid’s Heritage Properties has three developments under construction.
URBN Lofts is a six-storey, 93-unit pre-cast concrete apartment building at 98 Farley Dr. in south Guelph near bus lines and a variety of retail, service, dining and entertainment options. Seventy per cent of the units are studios and one-bedrooms, with the remainder having two bedrooms.
Amenities include: shared workspace; electric vehicle chargers; car-sharing services; an automated concierge; a fitness room; a social lounge; bicycle storage; and lockers.
URBN Lofts is scheduled for occupation this spring. Reid believes it will appeal to young professionals and university students.
AJDL Investments is a partner in URBN, as well as two other current Reid’s projects.
Suites average 950 square feet and go up to 1,100 square feet and were designed with an aging demographic in mind. Amenities include: a multi-purpose social room/lounge with a kitchenette and fitness room; secured locker and scooter storage rooms; an accessible elevator; chair lift access to an outdoor amenity space; community gardens; and a seating area and universal washroom in the front foyer.
Occupancy is now underway. Reid said the clientele has been local seniors looking to move into a smaller residence.
London’s The W includes six four-storey student residences with a total of 588 beds, in units which each contain four bedrooms and four bathrooms.
The 4.85-acre site at 164 Sherwood Forest Square also has an amenity building that features: private and group study areas; an outdoor barbecue area; full gym facilities; coffee and vending stations; a games room; a television lounge; and yoga classes. There’s also a private shuttle to Western University.
The W is being built in phases and the first units are now renting.
Future Reid’s projects
Reid’s Heritage Properties has six other projects at various pre-construction stages.
The company and Equiton closed on the acquisition of a 3.5-acre site at 710 Woolwich St. in Guelph, close to Riverside Park and a number of amenities, on Oct. 23. It’s currently home to an 11,545-square-foot The Beer Store and undeveloped land.
The first phase of the proposed site development will include a 6,800-square-foot Beer Store at the front of the property, which will be followed by a 76-unit townhouse project encompassing four buildings, surface parking and an outdoor amenity area behind it.
The first phase of townhouse construction is expected to begin in the summer of 2022. Reid believes the townhouses will appeal to families, downsizing seniors and young professionals.
Zoning bylaw amendments are being obtained for Westhill Drive and Reid expects it will probably come together a year-and-a-half or two years from now. The site at 28 Westhill Dr. in Waterloo will have a four- or five-storey apartment building.
Vaughn Street, at the corner of Vaughn and Gordon Streets in Guelph, is also going through the zoning process. A six- or seven-storey apartment building is planned for the site.
Zoning applications are beginning for URBN Lofts II, an opportunity to increase density on the site of the existing URBN Lofts site in Guelph.
Sarnia Road will be a mid-rise student housing building near Western University and up the road from The W in London. It’s still in the planning process.
Reid said they haven’t confirmed what to build yet, though his company’s website said the initial plan is for 282 luxury suites.