It is also the first in a new range of conventional and high-end accommodation that DMG is launching, alongside its portfolio of student accommodation.
“We wanted to launch this brand and we thought this was a great place for it,” said David Timmerman, senior vice president of asset management at DMG. “Working in this market, it’s promising, the university community is there, and we’ve come to love this area and thought it would be a great place for such a residential facility.”
Investment firm Amherst Sweethome Rd Property LLC on Thursday completed its $ 5.7 million purchase of the six-story building envelope, located at 1265 Sweet Home.
The 2.33-acre property was owned by Sam and Jas Johal’s Sweet Home Hotels of Brampton, Ont., Who originally planned to create a Hyatt Summerfield Suites in 2006 after purchasing the land. They were forced to suspend work in 2017 after losing their funding. As a result, the building was incomplete – with walls, windows and floors on a fenced building plot.
The site had been under contract with DMG for months. With the finalized purchase of the 88,395 square foot structure, DMG now plans to resume work on the $ 21.3 million project, with the goal of completing and opening the complex in the summer of 2022. The company has already received $ 3.5 million in tax relief from Amherst. Industrial development agency.