[Guelph, Ontario – May 3, 2024]
Construction is underway at Residences at Silvercreek, a new multi-residential development that will be increasing the town’s rental supply by 33% upon its slated completion in Spring 2026.
Residences at Silvercreek, located at 1, 17, 33 Prince of Wales Drive (formerly 11403, 11453, 11461 Hwy 26) in Collingwood, will comprise a three-building, four-storey complex with a total of 187 rental apartment suites.
Skyline Group of Companies held a private groundbreaking ceremony on May 3, 2024, to celebrate the construction kick-off. The event was attended by Hon. Paul Calandra, Minister of Municipal Affairs & Housing for Ontario, as well as Mayor of Collingwood Yvonne Hamlin and Simcoe-Gray MPP Brian Saunderson.
“Congratulations to the project partners for breaking ground on these rental homes that will create new housing options for people in Collingwood and contribute to the town’s vibrancy and appeal,” said Paul Calandra, Minister of Municipal Affairs and Housing.
“This is an example of how government actions, including reductions to development charges and steps to remove the provincial portion of the Harmonized Sales Tax on qualifying projects, are helping to spur construction of much-needed new purpose-built rental housing across Ontario.”
Residences at Silvercreek will feature spacious open-concept suites offering views of Georgian Bay, Blue Mountain Ski Resort, and some suites offering a view of the Cranberry Marsh. It will also have a 4,800 square foot Central Amenity building with indoor kitchen, fireplace, games room, and gym, as well as an outdoor terrace, hot tub, and pickleball court.
Jason Castellan, Co-Founder & CEO of Skyline Group of Companies, emphasized the collaborative nature of the development.
“Residences at Silvercreek is an effort across our group of companies, with resources leveraged and expertise utilized among several of our business units. We are optimizing the use of the land and ensuring that it is bringing a positive, needed contribution to Collingwood. With the town having a vacancy rate of only 2.5% as of October 2023, we are proud to be providing new rental housing where it is needed most, bringing forward an opportunity for more people to live and work in this town.”
The property is owned by Skyline Apartment REIT. Development is being facilitated by SkyDev, which is developing new rental housing in 10 additional communities, with over 600 apartments completed and 2,500 more in the pipeline.
Once development is complete, the property will be managed by Skyline Living.
“We are fortunate to have such a recognized and respectable leader in the apartment industry choose our Town for the building of three new quality apartment buildings,” said Mayor of Collingwood Yvonne Hamlin.
“This new development represents a significant step forward in tackling our community’s urgent demand for rental housing. This project will also, through the addition of public trails, connect the new residents of the 187 units to the Collingwood Trails Network which encompasses over 60 kilometers of recreational trails for cyclists, walkers, joggers, cross country skiers and snowshoers.”
Skyline Group of Companies (“Skyline”) is a fully integrated asset acquisition, management, development, and investment entity.
It is comprised of companies that provide services in real estate management and development, as well as clean energy management and development.
Skyline currently manages more than $8.23 billion across its real estate and clean energy platforms.
With approximately 1,000 employees across Canada, Skyline works to provide safe, clean, and comfortable places for tenants to call home, great places to do business, sustainable solutions for a greener future, and an engaging experience for its investors.
View Skyline’s 20th Anniversary celebration video to see how Skyline is grounded in real estate, powered by people, and growing for the future.
For more information about Skyline Group of Companies, please visit SkylineGroupOfCompanies.ca.