Proposed Newmarket Clock Tower development dropped by developer

Main Street Clock Inc., Town of Newmarket reach settlement for new proposal

Yorkregion.com
May 4, 2018
Teresa Latchford

Main Street Clock Inc. has announced a new development plan is coming for Newmarket’s historic Clock Tower.

The developer announced May 4 it will be backing down from its proposed Clock Tower transformation, which included a 165-unit, seven-storey rental apartment complex with underground parking and five, ground-floor retail commercial units at the corner of Main Street and Park Avenue.

The proposal was set to be the subject of an Ontario Municipal Board hearing in August, but all tribunal and court actions have been terminated.

“Despite the expectation of success at the scheduled OMB hearing, the planned Clock Tower condominium building would be unlikely to receive servicing allocation until 2026-27,” Main Street Clock Inc. spokesperson Colleen Forrest said in a news release. “In the face of unparalleled enthusiasm on the part of over 200 prospective condo buyers, Main Street Clock Inc. has been forced to revisit its business plan for the Clock Tower and Main Street properties.”

Servicing for the town and York Region continues to be a challenge for developers, she added. Newmarket’s current servicing allocations for water and sewer services have been prioritized for the Yonge Street and Davis Drive corridor to encourage intensification.

“We look forward to sharing in the near future an exciting new concept for this beautiful heritage space -- a concept which will bring economic stimulus to downtown Newmarket,” she said.

Newmarket mayor Tony Van Bynen confirmed in a news release the town began working with the developer on the possibility of a settlement late last year. He understands the coming proposal will consist of renovation within the existing building and could include office, residential and retail uses.

“Working together, we have been able to achieve a very positive, mutually beneficial agreement,” he said. “We are excited that we have reached a solution that is a win-win for the town, developer, downtown area and Newmarket as a whole.”

It is expected that the proposal will create new jobs, potential residential units, heritage preservation and restoration and economic growth, but the town has yet to receive an official development application.

Constructed between 1914-15, the building is designated under the Ontario Heritage Act and remains a prominent landmark.

The full terms of settlement are available at newmarket.ca.