Canada’s largest homebuilder stands to pick up 23.67 acres of property on Trim Road, within the urban boundary and adjacent to its proposed subdivision, from the city in exchange for 48.82 acres of Barrhaven woodlands.
City staff say Mattamy’s lands, known as the Cambrian Woods, have high environmental value and should be protected from the pressures of urban development through public ownership.
The city’s east-end lands, meanwhile, are “ripe for residential development,” staff say in a report being tabled at Tuesday’s corporate services and economic development meeting.
Both land parcels have an appraised market value of approximately $4.27 million.
As part of the deal, Mattamy must agree to construct the Portobello Boulevard extension, from its existing east-end land to the Blackburn By-Pass, and provide services to the property line of a future municipal recreation complex at the corner of Portobello and Blackburn.
Mattamy would pay the city’s share of these projects, which is approximately $1.02 million.