173 Charlotte Street
Reviving the Heart of Downtown Peterborough.
Content
IRR
18%
Building Use
Mixed-Use Rental
Area
9,000 sq ft
Executive Description
Hermitage Asset Management is advancing a strategic conversion and mid-rise addition at 173 Charlotte Street in downtown Peterborough. The project transforms an existing three-storey motel into 42 modern multi-family residences with street-level commercial spaces, supported by a new three-storey rear addition for a total gross floor area of 34,504 square feet.
Situated in the core of downtown Peterborough, the development replaces short-term accommodations with long-term housing and contemporary retail, contributing to the city’s ongoing revitalization. Through the use of adaptive reuse and alignment with municipal incentives for rental housing, the project enhances the downtown streetscape, strengthens the local economy, and deepen our commitment to high-quality urban development.
Why Peterborough
Peterborough stands at the intersection of heritage and growth. As one of Ontario's fastest-emerging regional cities, it offers the charm of a historic downtown balanced with the vitality of a growing urban economy. The city benefits from a strong academic presence and high rental demand. The downtown core offers a vibrant mix of retail, dining, and entertainment, supported by year-long cultural events and a striving local business community.
Location
Peterborough, ON
Future Projections
Peterborough's continued expansion is supported by infastructure investment, steady population growth, and a shift toward higher-density, mixed-used developments. The city's focus on revitalizing it's urban core and attracting new residents and businesses positions it as a model for mid-sized urban renewal in Ontario.