Real Estate Developer Has Groundbreaking Ceremony For New Mixed-Use Building
/The Excelsior Centre had its groundbreaking ceremony at the start of its construction located on the corner of Parkhill Road and Chandler Crescent on Friday afternoon.
Councillor members, city officials and Thakkar commemorate the groundbreaking ceremony with gold shovels. Photo by David Tuan Bui.
The 13,000 square foot structure by Excelsior Group will have retail stores on the lower half, 15 apartments on the second floor fitted with an elevator and a drive-thru pad for a Tim Hortons. Over $10 million has been invested into the Center and is expected to complete construction in early 2022.
The company has hired local contractors and services for the building’s construction such as Drain Bros. Excavating Limited in Norwood.
Aside from a convenience store, it is unknown what stores will occupy the building. Century 21 United Realty Inc. was in attendance and jointly marketed the project with Coldwell Banker Richard Ellis Group.
“To see the investment happening in our great in our community it’s wonderful and it’s symbolic of today while the province is opening things up and investors are putting a lot of money into Peterborough,” said Dion Gemmiti, Century 21 real estate agent.
“I know this subdivision has been in development for a long time and I’m sure the residents are all excited about it as well. said Vanessa Oake Hogan, Century 21 owner. “I think it’s an opportunity for new businesses in the area.”
“I’m excited to see a small commercial development come to the subdivision,” said Alex McInroy, a nearby resident. “It would great to drop into the store for a donut with my daughter Phoebe.”
The Century 21 representatives at the groundbreaking ceremony. Photo by David Tuan Bui.
The ceremony was held by Satish Thakkar, founder and president of the Toronto-based real estate developing firm. In attendance was his crew, MPP Dave Smith, Councillor Lesley Parnell, Councillor Dan Vassiliadis and Stu Harrison among many others.
“Whatever we can support who are in need and particularly during this time, that community, we want to invest in,” said Thakkar. “We should be a part of it, we should help that community in whatever way we can.”
Thakkar shatters a coconut, claiming that the outer shell represents ego and needs to be broken to let it go. Photo by David Tuan Bui.
The groundbreaking event was the opportunity for Thakkar to donate $1,000 each to Brock Mission and Cameron House emergency shelter for women. The money for the former will finish the construction of the new building but unsure for the latter’s use according to Bill McNabb, Brock Mission executive director.
“It’s a win-win scenario,” he said. “When you’re not soliciting the money and somebody comes forward, it just feels very supportive and encouraging.”
Thakkar donating two $1,000 cheques for Brock Mission and Cameron House. Photo by David Tuan Bui.
Despite being based in Toronto, that was not Thakkar’s only charitable contribution to Peterborough. In March, Thakkar helped deliver over 200 meals to One Roof Diner on his son’s 20th birthday.
Notable city members unanimously agreed that the building would be a significant contribution to Peterborough’s economic growth and development since the area has little to no commercial space in that community.
“When you have people congregating in one area, you need to have commercial spaces as well,” said Smith. “It fits a lot of what the needs are for the community.”
“It’s a plus and there’s a commercial component to this which there is none now,” said Parnell. “There are some services that there will be a complete benefit for this neighbourhood.”
The site of the where the Excelsior Centre will be built on the corner of Parkhill Road and Chandler Crescent. Photo by David Tuan Bui.
