Former Preston Springs site listed for nearly $13M

The former Preston Springs Hotel at King and Fountain streets in Cambridge is pictured on Tuesday, May 22, 2018.

The former Preston Springs Hotel property in Cambridge has been listed for sale for nearly $13 million.

The vacant site at King and Fountain streets is being marketed as a “high-density development opportunity” with Ontario Land Tribunal approvals already in place for a three-tower residential project.

According to a sales brochure, the approved development would include towers of 17, 20 and 22 storeys, bringing up to 635 residential units to the Preston neighbourhood.

The property has been one of the most controversial development sites in Cambridge in recent years.

The original Preston Springs Hotel, which dates back to the late 1800s and was once known for its mineral spring spa, was demolished in 2020 after years of deterioration. The demolition sparked backlash from residents and heritage advocates who pushed to preserve the building.

Developers later proposed a large-scale residential redevelopment for the site, but the project faced opposition from nearby residents who were concerned about building height, density and traffic impacts.

In 2024, Cambridge council voted to scale back the proposal by limiting the development to two 15-storey towers. The developer, Haastown Holdings, appealed that decision to the Ontario Land Tribunal, which later approved a revised version closer to the original proposal.

Marketing materials for the property highlight its proximity to Highway 401, downtown Preston, Conestoga College and Cambridge Memorial Hospital. The brochure also points to future ION light rail transit expansion plans in Cambridge as a major selling feature.

The package additionally notes that development charge exemptions tied to the project could provide significant savings of about $19.5 million for a future buyer at current rates.

The listing marks the latest chapter for a property that has spent years at the centre of legal battles, political debate and community division in Cambridge.

CTV News contacted Haastown Holding and CBRE, who listed the property, to find out exactly why Haastown is selling after such an uphill battle, which resulted in an apparent win for them. However, CBRE said they would be declining discussion of the transaction for client confidentiality reasons.