Cedar Crescent Village is a two-building development at the Port Elgin Main Beach with an expected completion date of September 14, 2026.
Saugeen Shores Council has approved an Amending Agreement for 2706913 Ontario Inc. to continue momentum on the construction of Cedar Crescent Village (CCV) at the Port Elgin Main Beach.
In a February 25 media release, the amending agreement extends building permit deadlines by approximately 10 months allowing work to continue on site and defines a total completion date of September 14, 2026. Council also approved Libro Credit Union as the Leasehold Mortgagee for the development. The full report can be found here.
Cedar Crescent Village is a two-building facility with space for a restaurant, washrooms, an ice c ream story, a game space, and market area with the buildings and surrounding land acting as an anchor for the Town's Waterfront Master Plan. The development is said to emphasize pedestrian and active movement and will serve as the beginning of a larger opportunity to reorganize the area with an aim to make land use, transportation and parking more efficient and more accessible.
At Monday's council meeting, Patricia Frank spoke during the Open Forum on behalf of the Port Elgin Beach Preservers about the Cedar Crescent Village development, sharing "critical reasons" why council should not approve extensions to the building permits for the Cedar Crescent Village nor approve Libro Credit Union as the leasehold mortagee.
Frank noted that the lease agreement between the Town and the lessee was dated over five years ago, December 9, 2019. The first phase of the project was supposed to be completed in five weeks' time. In addition, as of February, 2025 the lessee was still trying to secure financing for the project.
"The letter from Libro Credit Union is nothing more than a Letter of Interest," said Frank, with the Libro Markets Specialists making it clear that "financing projects such as this are intensely complex and incredibly lengthy" and that the project "will have to pass through their underwriting process." They were unable to provide a time frame for approval.
"How can council have any confidence that, after all this time, secure financing will be obtained," Frank said.
While construction was said to begin in January, Frank said that little has taken place on the site.
"I strongly feel that all construction activity should immediately stop and not one more shovel of sand taken," Frank said. "Let someone else have a chance to bring something special to our waterfront."
