CAMBRIDGE, ONT.—The development of IP Park in Cambridge, Ont. by Intermarket Properties is currently underway and the first occupants have been announced.
Intermarket Properties recently reported various contracts have been finalized and the road and servicing work has been completed for the project, a master-planned industrial and commercial development that extends from Highway 8 to Allendale Road.
In Phase 1A of the project, Energy + (Cambridge Hydro) acquired land to construct a new hydro transformer station that will serve the East Side Lands; Angstrom Engineering, a Kitchener-based nanotechnology company, purchased property for a new building and plans to start construction later this year; and Fusion Products Ltd., a Cambridge-based outdoor solar lighting and lifestyle company also acquired land to construct a larger office/showroom and warehouse facility.
Intermarket is also working through site plan approval (SPA) for a 100,000 square foot data centre with construction scheduled for this fall.
Intermarket is currently processing a SPA for an 85,000 square foot prestige industrial building focused on advanced manufacturing and robotics in Phase 2, states a release, adding unit sizes will range from 10,000 to 20,000 square feet and the construction is slated to start this fall.
The overall project was developed in collaboration with the surrounding community in order to create jobs and trigger economic growth.
“We are seeing a lot of interest in IP Park because manufacturers want to bring their supply-chain back to Canada,” said Mark Kindrachuk, president of Intermarket, in a statement. “In addition, because of COVID-19, there is a tremendous increase in e-commerce, robotics and digital streaming; and this bodes well for our industrial and data centre buildings.”