HIP Developments and the City of Cambridge have officially announced details on the revitalization of the former American Standard mill, located along the Speed River in Hespeler Village.

The $50-million project will feature The Standard, a 10-storey, 152-unit luxury apartment community that will also house 1,500 square feet of ground-floor retail space with an outdoor patio. The development will also include the conversion of the historic riverside mill into 45 condominium units to be known as Riverbank Lofts. Building materials from the former buildings will be repurposed and included in property signage and throughout the public space.

“The rivers are a key part of our community and heritage,” said Cambridge Mayor Doug Craig. “Not only will this development rejuvenate the land along the Speed River, but also contribute to the vibrancy of the Hespeler downtown core.”

The development plans were approved in October 2015 by the Cambridge Municipal Heritage Advisory Committee. The project aims to bring over 300 new residents to the region, while the site is expected to become a focal point for Hespeler Village while reinvigorating the historic river presence in the area.

The Waterloo-based HIP Developments is working with general contractor Melloul Blamey Construction on the project, which is slated for completion in fall 2017.