Billed as the largest residential investment for Ridgetown in decades, a new subdivision is slated to break ground in the community later this year.
Construction of the Highland Subdivision is expected to begin in late spring on a 23-acre parcel of land, in the area of Warwick and Cecil streets. The $70 million residential development was announced in Ridgetown on Thursday by Apollo Property Management and Clarke Developments.
The subdivision will consist of 131 single-family homes, with the possibility of some semi-detached residences.
“To put it into perspective, if you take the 131 homes and you put two people in each one once they’re fully built, the population of Ridgetown will grow by about 8 per cent,” said Chatham-Kent Mayor Darrin Canniff. “That’s a significant development.”
Apollo Group of Companies President Fred Naclerio said the development is a positive step for the community.
“I think Ridgetown is a hidden gem with so much to offer and I truly believe it will grow and prosper,” he said in a news release. “Being a resident of Ridgetown I look forward to our community growing and prospering and welcome newcomers to enjoy what I’ve enjoyed living in Ridgetown.”
Naclerio said it’s impossible to accurately speculate on the possible price range of the homes at this time due to the rising cost of materials and the volatility of the current housing market.