Less than two weeks after Peterborough city council approved a zoning by-law amendment to allow TVM Group to build a 17-storey high-rise on Hunter Street in East City, Ashburnham Realty is now proposing a 17-storey high-rise on Crescent Street behind the Art Gallery of Peterborough.
Both proposed buildings, which would be the tallest so far in Peterborough, follow changes to the city’s official plan made in 2023 and in 2024 by the Ontario government that removed the maximum height limitation for buildings in the downtown core area designation, and in advance of a proposed city-wide Community Planning Permit System that would replace the existing zoning by-law and could obligate developers to include affordable housing.
Although an application by Ashburnham Realty for an official plan amendment and a zoning by-law amendment for a 15-storey building is currently posted on the City of Peterborough’s website, a notice of a September 23rd public open house from EcoVue Consulting — the same consultant hired by TVM Group — states that Ashburnham Realty is now proposing a 17-storey building for the location.
Ashburnham Realty originally announced in 2018 that it was planning a 12-storey development of luxury condos and rental apartments at the location, after purchasing a number of properties along Crescent Street and Lake Street.
In April 2025, that plan changed to the one posted on the city’s website, which proposes a 15-storey apartment building with 218 units and 231 parking spaces in a parking structure.
Nine existing properties located along Crescent Street, Lake Street, and George Street would be included in the development: 195, 199, 203, 215, and 223 Crescent Street, 131 and 137 Lake Street, and 362 George Street South.
In the notice for the open house, EcoVue Consulting states that Ashburnham Realty is now proposing a 17-storey mixed-use building with 231 rental apartment units and commercial space on a portion of the ground floor.
The notice also states that a portion of the second and third floor could be used “as the potential new location of the Art Gallery of Peterborough.”
The Art Gallery of Peterborough, located at 250 Crescent Street, is also the location for the drop-in open house, which takes place from 6 to 8 p.m. on Tuesday (September 23).
“The developer’s consulting team will be on hand to answer questions,” the notice states.
“There will be no formal presentation, and attendees may come and go as they please. Any member of the public may attend.”
The notice also indicates applications under the Planning Act for the proposed development as well as necessary technical reports have been submitted to the City of Peterborough, and that a statutory public meeting under the Planning Act at general committee will be held at a later date.
