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Preston Springs Hotel Redevelopment
#1
Preston Springs Hotel Redevelopment
102 Fountain st, Cambridge
Developer: Haastown Group of Companies
Project: Restore the historic Preston Springs Hotel, proposed uses include a seniors residence, condos or an apartment building.

Location


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Current state


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#2
Preston Springs Hotel sold to Waterscape developer
December 19, 2012 | CTV Kitchener | LINK

Quote:The new owner of a landmark Cambridge building is excited for its future.

The Preston Springs Hotel, at the corner of King and Fountain streets and the bottom of Shantz Hill, was only on the market for about a month before a buyer emerged.

Realtor Karl Innanen conducted more than 20 tours of the property and received four offers. In the end, the property was sold – for near its asking price of $1.3 million – to a familiar face in Cambridge development circles.

Paul de Haas might be based in Toronto, but he’s best known around Cambridge for the Waterscape development on Water Street in Galt. His company, Haastown, has also worked on projects in Kitchener, Waterloo, Guelph and Toronto.

“There’s an opportunity here. There’s an opportunity for the city to see this building come back to life,” says de Haas.

The Preston Springs site is currently zoned for residential and institutional uses, but de Haan says he’s not yet certain on his plans for the 2.4-acre site. He says he sees potential for the hotel to be a retirement home, a boutique hotel and spa, or even converted into loft-style condos.

Formerly known as the Del Monte Hotel, the Preston Springs Hotel sits on a natural sulphur spring. The site once attracted flocks of tourists who believed in the sulphur spring’s health benefits.

“It was a hub of activity. It was a world-renowned health spa and hotel, and you can imagine people coming and going from all over the world,” says Cambridge city councillor Karl Kiefer.

Alan Hodge, who owned the five-storey building in the 1980s, says he’s happy to see someone excited over his old property.

“It’s a gracious old building, something should be done with it. It’s got a lot of potential,” he says.

People in Cambridge say that after Hodge sold the building, which was originally built in the late 19th century, it fell into disrepair. A previous attempt to restore the building failed 10 years ago.

The deal is expected to close early in 2013.
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#3
Lots of interest as Preston Springs hotel goes up for sale again
March 11, 2014 | Metro News | LINK



Quote:CAMBRIDGE — An offer to buy or redevelop the landmark Preston Springs building could materialize this month, said Paul de Hass, the heritage site’s current owner.

There has been lots of interest from potential buyers since the former luxury hotel and spa went up for sale at the end of January.

“We’ve had about six serious groups through the site so far, and I’m meeting two more personally this week,” de Haas said Monday.

“We’re hopeful we’ll see some sort of proposal within a couple of weeks.”

De Haas’ company, Haastown Holdings, has redeveloped several historic properties, including the Waterscape highrise condos in Galt.

He stressed he is looking for a partner or buyer simply because he has too much on his plate: his company has recently become involved in a couple of large developments in the Toronto area that are ready to go, so he is looking for someone to take over Preston Springs.

“This is not a situation of somebody bailing out for a mysterious reason,” de Haas said. “There’s nothing but support, municipally and politically, to see that site developed. All it needs is someone with the right vision.”

The historic property at King and Fountain streets is listed for $2.695 million, more than twice what de Haas paid when he bought the property in December 2012 for almost $1.3 million.

De Haas bought the property as a power of sale from a bank, said Curtis Darling, the sales rep at Colliers International who is handling the sale. He has since bought two adjoining lots, adding a half-acre of property to the 2.4 acres and allowing the addition of more parking.

The limited parking on the site is nestled on a narrow area between Fountain Street and a hillside behind the property, Darling said. As well, de Haas has carried out environmental and structural analyses since he bought the property, that show the building has no environmental problems and is structurally sound.

The building has sat empty since 1990, but the previous owner installed a new roof, Darling said.

“That roof really protected it and is what ended up saving the building,” he said.

The current zoning allows the construction of a 94-unit retirement home, but Darling said the potential to add parking may make it possible to consider other uses.

De Haas said the property would be ideal for redevelopment as condominiums, apartments or a retirement home.

The building’s character and prominent setting overlooking Riverside Park, its structural soundness, and the fact there aren’t many investment properties of this type on the market right now all may have contributed to the interest he’s getting, Darling said.

The five-storey, 49,000-square-foot building was built in 1879, according to City of Cambridge records. It is designated a heritage property.

In its glory days, the former luxury hotel has served as an international spa frequented by the likes of Babe Ruth and Lord Frederick Stanley. It also had stints as a religious retreat, luxury barracks for female rubber factory workers and a retirement village.
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#4
Preston Springs Hotel back on the market at double previous price
March 6, 2014 | CTV Kitchener | LINK

Quote:Barely one year after it was last sold, a historic property on the edge of Cambridge is back on the market.

The Preston Springs Hotel, at King and Fountain streets, has sat empty since 1991.

In December 2012, a deal was reached to sell the property to Paul de Haas – the developer responsible for the Waterscape development on Water Street – for $1.3 million.

Now, the property is once again listed for sale.

This time, the purchase price stands at just under $2.7 million.

De Haas says part of the reason for the increase is because two adjacent properties have also been acquired, solving the building’s parking issues.

“There’s been a tremendous amount of progress made,” he tells CTV News.

An outright buyer isn’t necessarily the only option on the table for Preston Springs – de Haas says he’s also open to partnership offers, and at any rate will continue to work on the property until it’s either back in use or no longer his.

“We’re not stopping the work that we would otherwise be doing if we were going to complete the project on our own,” he says.

“Hopefully we find that right group and there’s a deal that makes sense for everybody.”

Hardy Bromberg, Cambridge’s commissioner of planning and development, says there are lots of options for any prospective owner.

Those options include a residential building and the possibility for a restaurant, spa or other business on the main floor, and Bromberg says the city will work with whoever ends up owning the site to find an acceptable solution.

“We’re ready – open arms for anybody to come along and redevelop the site,” he says.

De Haas says he’s already heard from three prospective buyers.

Formerly known as the Del Monte Hotel, the Preston Springs Hotel sits on a natural sulphur spring.
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#5
Has anyone heard any recent news on this one?
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#6
No, but someone was in it last week. Could have just been checking the locks or utility connections, though.
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#7
Big news! It turns out De Haas hasn't sold Preston Springs yet, and if it doesn't sell soon he's going to take it off the market and restore it himself.

http://www.cambridgetimes.ca/news-story/...ing-ahead/
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#8
Cambridge council getting involved to try to save the building.

https://www.therecord.com/news-story/861...ngs-hotel/
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#9
Given it's location, what's even the ideal use for the space?
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#10
Not sure an ideal use can be found without useful nearby parking that has easy access to the building. If that hurdle can be jumped, then multiple options are open.
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#11
Supposedly they bought the neighbouring property, so presumably that could be used for parking.
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#12
That's what I meant, it seems like many a hurdle would need to be cleared. But if they got that lot, that's a start
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#13
(05-18-2018, 08:19 AM)KevinL Wrote: Not sure an ideal use can be found without useful nearby parking that has easy access to the building. If that hurdle can be jumped, then multiple options are open.

If only there were some way to get lots of people reliably to this location without the need for a car, but by some other form of motorized transportation...
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#14
(05-22-2018, 09:04 AM)Viewfromthe42 Wrote: If only there were some way to get lots of people reliably to this location without the need for a car, but by some other form of motorized transportation...

But it's in Preston. I don't know any other options that exist there.
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#15
Touche. I realize the 52 does go by here, but the transportation mindset of your average Cambridge resident precludes that from being the primary option any time soon.
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