Condos announced for former factory, mill in Cambridge

The former American Standard factory in Cambridge, soon to be home to the Riverbank Lofts, is seen on Wednesday, Feb. 17, 2016. (Dan Lauckner / CTV Kitchener)

Big changes are coming to an old industrial property in Hespeler Village that has been shuttered for nearly a decade.

A $50-million renovation of a former bathroom fixture factory and mill in the north end of Cambridge was officially announced Wednesday.

A total of 152 condo units will be created in the former American Standard plant, with 45 more in the riverside mill building.

City officials say the renovation will also include retail space on the ground floor of the former factory, with a patio fronting onto Queen Street.

The development will “rejuvenate the land along the Speed River” and “contribute to the vibrancy of the Hespeler downtown core,” Mayor Doug Craig said in a press release.

Waterloo-based construction firm HIP Developments is leading the redevelopment effort.