- What Fieldgate purchased a 45-acre parcel near the Caledon-Brampton border
- Why The developer plans to build a residential community
- What next A number of residential developments are planned in the former agricultural area
Fieldgate Homes has acquired a parcel of agricultural land in Peel Region for $38m, Green Street News can reveal.
The development arm of the North York, Ont.-based real estate company paid a private seller $846,000/acre for the 45-acre parcel at 12530 Chinguacousy Road in Caledon, near the border with Brampton. The deal closed in late September, and Lennard Commercial Realty had the marketing assignment.
The land is south of the proposed route for Highway 413, a planned 50 km provincial roadway that would connect Highways 400 and 401 if built. The nearest Highway 410 onramp, which connects to the Highway 407 toll route as well as Highway 401, is 2 km away.
Chinguacousy has been the target of increased interest from developers since the former agricultural area was rezoned in March to allow residential communities, in line with recent planning changes initiated by the province governing future population growth for Peel.
Fieldgate is developing another future mixed-residential development on the Brampton-Caledon border at the intersection of Mayfield Road and Chinguacousy. Other GTA developers with residential projects underway in the area include Mattamy Homes, Castlepoint, Paradise Developments and Argo Development Corp.
