Newmarket's historic Main Street clock tower is getting a new life as a boutique hotel.
The town announced today, Nov. 19, it is partnering with Streetcar Developments and Dream Unlimited Corp, which have purchased the 180 Main St. property to turn it into a hotel. It said the tower will be renovated, and will feature a rooftop event space addition.
Mayor John Taylor said the hotel will enhance downtown Newmarket and bolster it as a destination of choice.
"The purchase of the clock tower by Streetcar and Dream and its plans to renovate and create a boutique hotel in downtown Newmarket is a total game changer," Taylor said. "When this renewal is complete, visitors of the hotel will walk and shop each day on our Main Street and enjoy our festivals and events."
The property has been on the market since 2020, part of four restored buildings branded Landmark on Main. The heritage property has been subject to other development plans by the Foresst Group that fell through in 2019. The building was built in 1915 and once served as a community post office.
The town said the new developers plan to preserve and enhance the heritage elements of the building while also "enhancing the vibrancy of Main Street."
"This purchase is a sign of the incredible success that downtown Newmarket has achieved and this milestone should be celebrated by everyone," Taylor said.
Joshua Campbell of Knowledge Broker real estate said on Facebook he has been working on the sale for some time with Graham Purvis of Royal LePage. He announced the sale Nov. 18.
"We feel that the future use is exactly what our town needs and deserves," Campbell said.
The town said the two developers have undertaken similar work in the past three years at the historic Broadview Hotel and Gladstone House in Toronto. Streetcar is a real estate company specializing in historic boutique hotels, while Dream is a developer of office and residential assets in Toronto.
The town said council has moved quickly to provide early approval of community improvement plan funding to "support and secure this exciting project." The town provides financial assistance to building owners for improvements to restore buildings in the designated area, which it said generates four times the private sector investment for every dollar spent.
Taylor welcomed the developers to Newmarket and said the development is a result of all the community effort in the downtown.
"This achievement is the result of the hard work and vision of many councils, store owners, BIA members and town staff. Everyone shares in this exciting moment because everyone participated in creating the downtown we are so proud of."