The 59 Reeve Street project began in 2019 with the assembly of two downtown Woodstock properties: 59 Reeve Street and 65 Reeve Street. Recognizing the redevelopment potential of the site, we partnered with several local landowners to form Uplift Property Developments and acquired the properties with the vision of creating a high-quality multi-residential community in the heart of downtown.
Our first step was completing a comprehensive feasibility study to determine the highest and best use of the land. Through this process, we identified several significant advantages, including no Development Charges (DCs) within the downtown core and eligibility for property tax incentives through the City’s redevelopment and reconstruction programs. These incentives became an important component of the project’s overall financial viability.
Over the next four years, the project moved through planning, design, zoning approvals, financing, and construction before reaching full stabilization in the fall of 2023. Throughout that journey, we experienced one of the most dynamic periods the real estate industry has seen in decades. The COVID-19 pandemic brought unprecedented increases in material costs, labour expenses, and supply chain challenges. At the same time, interest rates and bond markets shifted dramatically, financing conditions evolved, and rental markets strengthened significantly.
Working through these changing economic conditions provided invaluable experience. The project became a real-world education in navigating the many variables that influence successful development—from municipal planning and zoning approvals to construction pricing, financing structures, bond markets, government incentives, and rental market fundamentals. Learning to adapt and make informed decisions as these conditions changed was one of the greatest takeaways from the project.
After evaluating several development concepts, we determined that an 18-unit stacked townhouse community represented the highest and best use of the site. The design maximized the property’s potential while delivering an efficient, attractive, and well-integrated residential development that complemented the surrounding neighbourhood.
Upon completion, the property was fully stabilized and refinanced through a CMHC-insured financing program, providing the ownership group with long-term financing and transforming the project into a stable, income-producing asset.
From inception in 2019 to stabilization in 2023, 59 Reeve Street stands as a milestone project that strengthened our understanding of the complete development process. It reinforced the importance of patience, strategic planning, adaptability, and disciplined execution, while providing invaluable experience that continues to shape how we approach future multi-residential developments.
