Construction will start sometime this summer on McQueen Boulevard West in the south end of Fergus after council in committee of the whole authorized a bylaw that gives the owners permission.
The project will be across from Zehrs Markets on Tower Street.
Township planner Brett Salmon told council on Monday that last year the service financing was completed.
The development is owned by Mazta Holdings Limited and Fergus Plaza Limited.
Salmon said in his report the “servicing finance agreement required the developers to put up approximately $2.3 million to fund infrastructure improvements and these funds were received on March 16. Additional funds and/or security deposits are payable upon the execution of the agreement.”
The entire subdivision will have about 380 residential units when complete, and runs from the McQueen extension to the back of homes on Elora Street. The first phase will include the road, with a turnaround circle until phase two, plus commercial complex blocks on Tower Street South, a seniors’ home block farther to the west and, at the western end of the plan, a smaller commercial complex.
“It’s not a typical residential subdivision,” Salmon said in an interview after the meeting.
Salmon told council the road work is scheduled to be competed by August, and will run “a few hundred metres to the west of Tower Street.” Eventually, the road and subdivision will connect with Guelph Street in the southwest part of the town.
He added the developer and township staff, with engineering and legal consultants, have worked out a draft plan approval of the proposal and the developer has signed it. Salmon said the agreement will“let Tower Street be reconstructed. We’re ready to go. Tower Street is ready to go.”
Council was unanimous in its approval of the proposal.
