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SmartCentres Real Estate Investment Trust
Symbol SRU
Shares Issued 144,617,107
Close 2020-10-30 C$ 21.06
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SmartCentres receives MZO for Cambridge property

2020-10-30 18:57 ET - News Release

Ms. Sandra Kaiser reports

SMARTCENTRES RECEIVES APPROVAL FOR CITY OF CAMBRIDGE MINISTER'S ZONING ORDER

With the support of the City of Cambridge, the Minister of Municipal Affairs and Housing has issued a Minister's Zoning Order (MZO) for SmartCentres Real Estate Investment Trust's property at 22 Pinebush Rd. in Cambridge, Ont.

As a result of the MZO, SmartCentres' 73-acre Cambridge property, currently zoned only for retail uses and operating as a retail shopping centre, now permits various forms of residential, retail, office, institutional and commercial land uses to create a complete vibrant urban community. Today's announcement adds to SmartCentres' exciting development program to redevelop and intensify existing properties owned by the REIT.

This large urban redevelopment, adjacent to Highway 401, will begin immediately and is anticipated to continue buildout over the next 10 to 20 years. Upon completion, the community created by this MZO will include up to 10,000 new residential units across a variety of housing types, including rental apartments, condominiums, townhouses and seniors housing. With this MZO legislation now in place, SmartCentres will commence the process of transitioning the 22-year-old retail shopping centre into a world-class mixed-use development comprising over 11 million square feet.

"We are very pleased that, with the support of City-of-Cambridge-elected officials and senior staff, Minister Steve Clark has agreed to issuing the MZO," said Mitchell Goldhar, executive chairman of SmartCentres. "Both the Minister and Mayor Kathryn McGarry recognize the significant economic benefits of accelerating our redevelopment plans including the tens of thousands of jobs that will be created and sustained over the 20-year period."

"We believe this significant new community will help address demand for housing located strategically around the Greater Golden Horseshoe Area," said Mr. Goldhar. "Working with staff, our goal is to begin phase 1 in 2021. SmartCentres will continue to pro-actively change its property uses to align with ever-evolving communities and marketplaces across Canada."

"Our government is committed to connecting people to places and to build healthier, safer communities to give our economy a boost on the road to recovery," said Minister Clark. "With the support of the City of Cambridge, we are proud to accelerate the creation of jobs and more than 10,000 much-needed homes in Cambridge."

"This is very exciting news for Cambridge and means that this important development will be expedited," said Mayor Kathryn McGarry. "This is a 73-acre property that will be transformed into a large vibrant mixed-use community hub. We know more and more people are moving to our city and this project will certainly help in terms of economic recovery postpandemic. Thank you to the Province for putting in place this new process and for moving forward with this zoning order, which will allow construction to start as early as next year."

We seek Safe Harbor.

Matt Falk condensed this news release (matthewf@stockwatch.com).

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