A Toronto Developer, Sage Equities (Canada) Limited, has purchased 35 acres of the Lakefield South Development lands located adjacent to the Ontario Speed Skating Oval site. Sage is planning to build a combined residential and commercial environmentally friendly development and hopes to take full advantage of the district energy potential offered by the Ontario Speed Skating Oval. This is great news for Peterborough and The Kawartha's as this exciting project continues to move forward, thus, fulfilling the reality of a permanent, international, winter attraction. The following paragraphs will address the plans and benefits associated with the new developments in the Kawartha Lakes District and The Village Inn of Lakefield, Ontario.
The property purchased by Sage will provide the access and services corridor for the full 300-acre parcel that was designated in 2001 as the Lakefield South Development Area by the Township of Smith-Ennismore-Lakefield (SEL). Sage's plan is to develop their 35-acre property in phases so that they will be able to work with the SEL and adjacent landowners to create the road and utility services required to fully develop this area.
The Village Inn, and other Ontario resorts, will benefit greatly as these phases are carried out. It is projected that a large, permanent attraction such as this will re-energize the winter tourism market throughout the Kawartha's. Additionally, the broad appeal of this project, to families, couples and groups alike, will benefit all members of Kawartha Lakes tourism and the Peterborough area in general.
The plan is set up to take place in three main phases: The first development stage will be the construction of a commercial and retail corridor from County Road 29, (also known as the Lakefield Highway, between Peterborough and Lakefield), to the Oval site. The plans include Sage seeking term commercials tenants for a collection of buildings that will be designed and built to meet specific commercial requirements. The second phase of development will be an area designed for medium to high-density residential use. The final phase of development will be single-family dwellings located south of the Oval site. All phases of construction will be designed and built to the best green, environmentally friendly technology available that is both reliable and cost effective.
While all three phases of the development will bring about increased tourism and help with the hospitality industry, particularly during the slower months, this is also going to inject a significant amount of money and improve the local economy.
The Oval has been designed and engineered to be a future source of heat energy for any new construction that takes place near the Oval site. An independent utility provider, preferably local to the Peterborough and Lakefield area, will be using the excess energy created by the Oval combined with a geothermal district energy system to be built and operated by the utility provider. The system will supply neighbouring buildings with a competitively priced, 'green' source of heat with the intention for the entire Oval development area to become a model of the best environmental design, building, and operation practices. The development is also seen as a unique opportunity for the Kawartha Lakes region to design a new area that combines public recreational facilities, with the full range of residential units, a carefully designed area of retail and commercial spaces along with a well managed area of open, green space.
Sage in co-operation with Chandler Graham, Project Architects, and members of the design team have already started the process of identifying development partners and tenants for this project. Chandler Graham is an established practice with over 20 years experience in the institutional, commercial and residential real estate industries with extensive knowledge of both new development and the adaptive re-use of historic and contemporary structures.
Sage believes the Ontario Speed Skating Oval and adjacent development area at Lakefield South will be a major economic driver for Lakefield, Peterborough and The Kawartha Lakes District.