- What A development site in Cambridge is on the block for $10.3m
- Why It’s draft plan approved for 330 residential units
- What next Royal LePage Signature Realty and Prime Real Estate Brokerage have the assignment
A fund run by SZAM Capital Partners and Sarracini Group is looking to sell a residential development site in Cambridge, Ont., with an asking price of $10.3m.
Royal LePage Signature Realty and Prime Real Estate Brokerage are marketing 201 Water Street South on behalf of the fund, dubbed SG Real Estate Developments LP II.
The site spans nearly 4 acres and has been draft plan approved for a high-density, 300,000 sq ft residential development comprising 330 units. A site plan approval still needs to be obtained.
The proposed development, designed by Cynthia Zahoruk Architects, has two 15-storey towers atop a shared six-storey podium. Plans include 416 parking spaces.
The site is occupied by two buildings: a two-storey single-family home and an accessory outbuilding. The home, built out of stone, was to be retained as part of the development while the outbuilding would be demolished.
The fund purchased the site in November 2021 for $2.5m and received development approvals in May 2024.
The site is north of Churchill Park and is less than 200m from the Grand River. Water Street is a main throughway in Cambridge and is part of Highway 24.
Cambridge is a city of 147,000 people within the regional municipality of Waterloo.
A handful of development sites have sold in Cambridge in recent years, according to Green Street’s Sales Comps Database. One of the largest took place last June with Greybrook Securities Inc. acquiring a site at 745 Chilligo Road with 96 developable acres for $50m.
SZAM Capital Partners is a Waterloo-based land investment and development joint venture firm. It has 14 real estate projects underway across six primary markets.
Sarracini Group, also based in Waterloo, is a real estate development and investment education firm. Michael Sarracini is founder and chairman.
