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Thomastown Approves 22-Storey Mixed-Use Tower Near CBD
Thomastown Planning Commission cleared a 22-storey mixed-use tower at the Oak Street and River Road intersection on July 7.
How we reported this
The Thomastown Planning Commission granted final approval on July 7 for a 22-storey mixed-use tower at the corner of Oak Street and River Road, two blocks from the central business district core.
The decision arrives amid rising demand for housing units inside the city limits, where vacancy rates for new apartments have stayed below 4 percent since the start of 2025. City records show 1,240 applications for rental assistance processed through the Thomastown Housing Office in the first half of this year alone.
Project Specifications
The building will contain 250 apartments ranging from studios to three-bedroom units, plus 18,000 square feet of ground-floor retail space. Total project cost stands at $62 million, according to documents filed with the commission. Construction is scheduled to start in March 2027 and finish by late 2029. The design includes a public plaza facing the Thomastown Central Station entrance and a rooftop terrace open to residents.
Two local programs will receive direct contributions under the approval conditions. The Thomastown Green Spaces Program receives $1.2 million for tree planting along River Road, while the Thomastown Market on Elm Street gains $450,000 for upgrades to its loading area and vendor stalls.
Effects on Thomastown's Housing Market
Average asking rents in the Riverside neighbourhood reached $1,720 per month for one-bedroom units in June, according to the latest Thomastown Real Estate Board report. The new tower will add units priced from $1,650 for studios upward, with 15 percent reserved for income-qualified households through the city's inclusionary zoning rules.
Residents who want to follow construction timelines or submit comments on final design details can register for updates through the Thomastown Planning Department website or visit the public counter at City Hall on Main Street before the end of August.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.