Don’t fret: the Cineplex movie theatre, The Beer Store, as well as various restaurants and businesses in Pergola Commons in the south end of Guelph are not going anywhere.
But if something were to happen in the next decade or so, the owner of the shopping plaza is ensuring it has a backup plan.
An open house Tuesday provided the public a glimpse into that backup plan, which would see the redevelopment of the plaza near Clair and Gordon.
“We don’t have a crystal ball, but we like to look to the future about what could happen in the long-term,” Joshua Butcher, the senior director of development with First Capital said.
“Cineplex isn’t going anywhere. We are not trying to push them out. They have not said to us that they want to leave, but we want to make sure that one day in the future, if they were to leave the centre, that we have a backup plan here that is consistent with Guelph’s vision for the future.”
Butcher added the businesses on the land have long-term commercial leases, many of them of more than 10 years.
He said if anything presented at the open house were to come to fruition, it would be at least a decade before work could begin.
He said it’s not unheard of to see big box tenants up and leave, so this is just covering their bases.
“We don’t want to ever be caught on the back foot, and (so we’re) just making sure that we have plans for the future,” Butcher said.
The focal point of the presentation is the land boxed in by Clair Road, Hawkins Drive, Poppy Drive and Farley Drive.
The proposal would be for four residential towers, standing between 10 and 14 storeys, along with several two storey townhouses, commercial space, a park and walkable areas for pedestrian traffic.
The development, as presented, would produce 721 residential units, 794 vehicle parking spaces – all underground – and parking for bikes.
If it comes to it, Butcher said the company would also work with businesses in any redevelopment plans, whether its showcasing other property it owns or integrating an existing business into a redevelopment plan.
"Sometimes that works, sometimes that doesn't," he said. "Obviously, there's some phase things that need to occur there, but it certainly happens all the time. We're kind of a retail company first, so we have pretty good relationships with all of our tenants."
An application has yet to be filed with the City of Guelph.
A revised zoning bylaw being appealed would allow for mixed-use buildings and apartment buildings. The property is currently zoned for a commercial shopping centre.
Chris DeVriendt, the city’s manager of development planning, confirmed the redevelopment is not part of the Clair-Maltby Secondary Plan.
Butcher said this is an initial consultation with the community, before a formal rezoning application is filed with the city in December.
Butcher is anticipating a few rounds of community consultations, and modifications to what was presented.
Ultimately, once a bylaw is approved, this plan will sit ready and waiting in First Capital’s development pipeline.
“We have to keep a portfolio of different projects that we can look to, based on certain market conditions,” Butcher said. “Whether its tenants leave, vacate properties, market conditions change, demands change. We have that here, and in other cities across Canada that we own real estate in, and that’s part of our strategy.”
