9 Race Street
Disclaimer: Please note that all dates, timelines and anticipated work noted below is subject to change without notice and is to be viewed as informed estimations only made as of April 9, 2026.
Development History
- September 9, 2025 – City Council Approved the Sale of the Property to the MDC.
- March 5, 2026 – Joint Venture (JV) Partner/Purchaser Identified
Current Use of Land
- Parking lot leased by the City
Future Property Information
- Unknown at current time. Discussions ongoing with vetted JV Partner/Purchaser.
Completed Work and Expected Milestones 2026
(subject to change)
Q1
Q2
Q3
Q4
- Preferred JV/Purchaser identified
- ESA 1, 2 and geotechnical for RSC started
- Property survey started
- Due diligence paid (Split 50/50 – MDC and the preferred JV/Purchaser
- R-Plan to be added to title
- ESA 1, 2 and geotechnical to be completed
- JV / Sale to be brought to the Board/City Council for approval
- JV/Sale completed
- Pre-Con meeting
- Site Plan to be submitted
- RSC to be completed
- Site Plan approved
- Building Permit submitted
- Construction financing to be arranged
Q1
- Preferred JV/Purchaser identified
- ESA 1, 2 and geotechnical for RSC started
- Property survey started
- Due diligence paid (Split 50/50 – MDC and the preferred JV/Purchaser
Q2
- R-Plan to be added to title
- ESA 1, 2 and geotechnical to be completed
- JV / Sale to be brought to the Board/City Council for approval
Q3
- JV/Sale completed
- Pre-Con meeting
- Site Plan to be submitted
- RSC to be completed
Q4
- Site Plan approved
- Building Permit submitted
- Construction financing to be arranged
Glossary of Common Development Terms & Acronyms
APS: Agreement of Purchase and Sale
CIP: Community Improvement Plan
CMHC: Canadian Mortgage Housing Corporation
CMLI: CMHC Multi-Unit Loan Insurance
ESA: Environmental Site Assessment
JV: Joint Venture
Pre-Con: Pre-Construction Meeting with City Planning Dept.
R-Plan: Registered Plan
RSC: Record of Site Condition
T/O Financing: Take-out Financing (payout construction financing)
VTB: Vendor Take-Back