The City of Windsor has reached an agreement with Farhi Holdings Corporation for a housing development on Caron Avenue.
The property on Caron Avenue was the first city owned property under the Housing Solutions Made for Windsor to be sold for housing development.
"We're excited about this plan, 387 units, the redevelopment of the Caron Avenue parking lot, a new building on Riverside Drive with prime waterfront view," said Windsor Mayor Drew Dilkens. "Everything was transacted at fair-market value and approved by city council."
The housing development will include three multi-storey buildings with 200 units total and ground floor commercial space.
"This development is very important because this development will enable us to go and build something that you haven't seen in Windsor for many years and probably for many years to come," said Shmuel Farhi, president of Farhi Holdings Corporation.
Farhi indicated once the development on Caron Avenue is underway they will look to construct a 28-storey residential tower at Riverside Drive and Janette Avenue, just one block over. This building will have 187 units.
The total investment on both properties is estimated at $300-million.
Construction on the first of three buildings on Caron Avenue is expected to start next spring, it should take 20 months to complete.
