The Town of Newmarket in collaboration with Streetcar Developments ("Streetcar") and its partner, Dream Unlimited Corp. ("Dream"), is very excited to announce plans to transform the historic Clock Tower (180 Main Street) into a boutique hotel. The reinvention of this special property into a boutique hotel and opening it up to the community will further accelerate the ongoing revitalization and renewal of downtown Newmarket. This project will enhance the already unique vibe of the area while providing York Region's only boutique hotel experience.
"Today's announcement of the purchase of the Clock Tower by Streetcar and Dream and its plans to renovate and create a boutique hotel in downtown Newmarket is a total Game Changer," says Newmarket Mayor John Taylor. This project will reinforce, throughout the GTA, that downtown Newmarket is a destination of choice. When this renewal is complete, visitors of the hotel will walk and shop each day on our Main Street and enjoy our festivals and events."
The Clock Tower property has been acquired by Streetcar and Dream, who, over the past 3 years, have undertaken similar transformative projects that act as anchors to their communities. The Broadview Hotel, an east end historic neighbourhood landmark (est. 1891) and the Gladstone House (est. 1889) on Queen Street West provide charismatic destinations for their neighbourhoods and have reclaimed their prominent architectural positions within the City of Toronto. The historic post office in Newmarket is poised to join this unique boutique hotel collection and give this property that is so important to the Towns history, a very special role in its future.
Proposed plans for the Clock Tower focus on interior renovations but include an addition on the back with a rooftop event space providing panoramic views of the Town. The Town and Streetcar have a shared vision to preserve and enhance the heritage elements of the building, staying true to the character of the landmark property, while also enhancing the vibrancy of Main Street.
"This purchase is a sign of the incredible success that downtown Newmarket has achieved and this milestone should be celebrated by everyone," continues Mayor John Taylor. "This achievement is the result of the hard work and vision of many Councils, store owners, BIA members and Town staff. Everyone shares in this exciting moment because everyone participated in creating the downtown we are so proud of. Finally, I want to welcome Streetcar and Dream to Newmarket – you are about to discover the Newmarket difference. You will become part of our community and we will support your success as we all succeed together."
Council has moved quickly to provide early approval of Community Improvement Plan (CIP) funding to support and secure this exciting project. The Town's Downtown Community Improvement Plan (CIP) exists to provide financial assistance and support to building owners and businesses for improvements and restoration of buildings within the designated CIP area. For every dollar invested by the Town in this program, it generates four times the private sector investment.
The plans for this historic boutique hotel align with Newmarket's commitment to economic leadership and job creation, which is one of Council's key strategic priorities. It also supports the Economic Development Strategy to advance Newmarket as a desirable destination within the GTA.
The Clock Tower was constructed in downtown Newmarket between 1914-1915 to serve as the community Post Office. A major addition was added in 1956 and most recently the building was used as a Seniors' residence. The Clock Tower is designated under the Ontario Heritage Act and remains a prominent landmark on Newmarket's Main Street.
About Streetcar Developments
Streetcar Developments is a Toronto-based real estate development company specializing in residential development and historic boutique hotels. Streetcar has spent nearly twenty years designing and developing mixed use, community-centric projects in some of Toronto's most beloved neighbourhoods. Along the way they have earned accolades for being a different kind of developer who invests in exciting neighbourhoods, improving the quality of entire communities. Their celebrated projects integrate seamlessly into their surroundings, respecting the historic look and feel of the area while providing a glimpse into what could be. For more information, please visit streetcar.ca
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $13 billion of assets under management across three Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please visit dream.ca