WELLINGTON NORTH – The township has agreed to share the cost of reconstructing Preston Street with Cachet Developments in Arthur.
Vaughan-based Cachet Developments Inc. is developing just under 28 acres of land in the northeast quadrant of Arthur, bordered by Domville Street to the north and Preston Street to the east.
The subdivision will have 133 single detached homes, and 10 street townhouses with 64 total units, bringing the total dwellings to 197.
Council permitted the township to sign a subdivision agreement with Cachet Developments at its July 11 meeting, which included a commitment to share the costs of work along Preston Street North.
Of the total $1.43-million project cost, the township will cover 21.5 per cent, or $308,086, with Cachet covering the remaining $1.12 million (taxes aren’t included in those numbers).
Included in the project is a sidewalk to be constructed along Preston Street between Smith and Domville streets, requiring water management and sewer work.
Staff have been directed by council to include the project in the 2023 capital budget.
At an Oct. 11 council meeting, councillor Steve McCabe called the agreement a “great public-private partnership.”
A portion of the construction will be completed this fall, with the remainder to be completed next spring, and final asphalt surfacing in 2024.
