The former Preston Springs Hotel site in Cambridge, Ontario, is listed for sale with an asking price of nearly $13 million [1].
This listing marks a significant shift for the property, which has remained vacant for years. The sale follows a legal victory that clears the path for high-density residential growth in the area.
Spencer Turcotte said the former Preston Springs site is back up for sale [2]. The land has been empty since the hotel was demolished in 2020 [3]. For years, the site was the subject of planning disputes and various appeals before a resolution was reached.
The move to sell comes after the Ontario Land Tribunal approved a three-tower development for the location [4]. Heather Senoran said the tribunal cleared the way for the project late last year [4]. This approval provides the certainty necessary for developers to invest in the land.
Local reports indicate the lands underwent an extensive process of planning and appeals before receiving the final tribunal approval in late 2025 [3]. The current listing reflects the increased value of the land now that the development potential has been legally solidified.
Because the site is already approved for three towers, the property is likely to attract developers looking to capitalize on the housing demand in the Waterloo region. The transition from a vacant lot to a multi-tower complex would represent one of the more significant redevelopments in the immediate vicinity of the former hotel site.
“The former Preston Springs site is back up for sale.”
The sale of the Preston Springs site signifies the end of a prolonged regulatory stalemate. By securing Ontario Land Tribunal approval for three towers before listing the property, the owners have shifted the asset from speculative land to a 'shovel-ready' development opportunity, significantly increasing its market value and likelihood of rapid urban densification in Cambridge.
