ELORA – A large property on Elora’s western side approved for hundreds of new homes is now for sale.
According to Realtor.ca, 350 Wellington Rd. 7 in Elora can be yours for the price of $15.9 million.
The 11-acre vacant property near David Street was approved in fall 2023 for 271 townhomes made up of a mix of conventional, back-to-back and live/work units. An early proposal for the project saw developers seeking “flexible zoning” to possibly allow for an eight-storey apartment building at the property but this was later dropped due to community pushback.
“Located in the vibrant Elora area and just a kilometer from Downtown Elora, this property is primed for medium density residential development,” the listing said.
“Join the thriving Centre Wellington community and leverage the area's natural splendor and small-town charm to shape your next residential development project.”
An official plan amendment application for the property listed Bob Forrest, president of The Forrest Group, as the owner of the property.
The Forrest Group’s website said the company “understands that property development, today, demands a more considered approach to ensure delivery of optimum builder results. Finding land that is available for development grows more and more challenging. We source and package land for the builder community.”
In an email, Forrest said it is "most likely that a new owner will work with the approvals we have secured, rather than spend one or two years changing them.
"But of course, any land owner has the right to seek differing approvals for their land, subject to the consent of local authorities."