The 33 Light Street project began in the spring of 2021 when we acquired the property as an 8-unit multi-residential building in downtown Woodstock. The site consisted of a historic century home containing five residential units in the front building and a three-unit carriage house at the rear of the property. From the beginning, our objective was to preserve the property’s historic character while transforming it into a modern, efficient, and high-quality rental community.
Following the acquisition, we worked through the process of relocating the existing tenants to allow for a comprehensive redevelopment. The project involved a complete interior and exterior retrofit, including fully renovated suites, upgraded building systems, and significant improvements to the property’s curb appeal. The exterior restoration modernized the street façade while maintaining the architectural character that makes the building unique.
Throughout the redevelopment, we strategically pursued and secured the available municipal grants and incentive programs, maximizing the financial assistance available for heritage restoration and downtown revitalization. As part of the project, we also reconfigured the property to add one additional residential unit, increasing the total unit count from 8 to 9 units and improving the overall efficiency and value of the asset.
The redevelopment was completed during the unprecedented economic conditions created by the COVID-19 pandemic. Material costs, labour expenses, and supply chain challenges placed significant pressure on construction budgets, while the rental market experienced substantial growth. Successfully navigating these changing market conditions provided valuable insight into balancing construction costs, financing, and rental performance throughout a redevelopment project.
The property reached full stabilization in the fall of 2023, with all units leased at market rents. Once stabilized, the project was successfully restructured into long-term CMHC-insured financing, allowing the ownership group to secure attractive long-term debt based on the property’s stabilized income. This refinancing strengthened the project’s financial position while creating a sustainable, long-term investment asset.
From acquisition through stabilization, 33 Light Street provided invaluable experience in adaptive reuse, heritage restoration, municipal incentive programs, construction management, and long-term financing. The project reinforced the importance of patience, strategic planning, and disciplined execution while demonstrating how thoughtful redevelopment can significantly increase both the quality and value of an existing multi-residential property.
