Aaron Ciancone fell in love with Elora.
The president of Pearle Hospitality said the beauty of the Elora Mill and the Elora Gorge drew him to the village.
“Since I was a young man I’ve always had my eye on this property,” Ciancone said Friday.
“I have a huge love and respect for these stone buildings and the heritage of it. When I came to town and saw that this one had been neglected, I fell in love,” said Ciancone, who purchased the property seven years ago.
“It was definitely the site, the heritage and just the community that it was. It was all very intriguing.”
Now his company is returning the love in the form of a “well-over $100 million” redevelopment of the Elora Mill, a spa component, and a condominium and retail element on the other side of the picturesque Elora Gorge.
It is a project expected to be fully completed in four years with Phase 1 – the 30-room hotel, event space and spa – to be up and running in May.
Pearle Hospitality has done similar, albeit small, projects at the Ancaster Mill, Cambridge Mill and Whistle Bear Golf Club.
Phase 1, which is all the work on the north side of the Grand River, five buildings in total, received a $1.5 million funding boost on Friday courtesy of the provincial government’s Southwestern Ontario Development Fund.
“The work that you’re doing here is just fascinating,” Guelph MPP Liz Sandals said Friday.
She said on average, industry invests $11 for every $1 that the province invests in projects like these.
“This is a great example of what can be accomplished when industry and government work together... It’s great news for this community, great news for this region and great news for Ontario.”
Phase 2 will be condominiums on the south side of the Grand River and Phase 3 will include condominiums, a boutique hotel, conference centre, and the redevelopment of the old Walser and Little Folks building, which will include retail space and a Bread Bar restaurant.
A small hydro electric plant on the Elora Gorge and a footbridge across the river between the developments is also planned.
When completed, the project is expected to create 110 jobs and bring millions in revenue into the village.
Centre Wellington Mayor Kelly Linton said the project is going to “transform” downtown Elora.
“It’s going to be an amazing place for the people of Elora and visitors,” Linton said.
