The Highlands: A Community-Driven Residential Pivot in St. Thomas, Ontario

  • Jim Foote, Assistant Vice President, Commercial Financing

The Highland developers, Lee Greenwood and Jeff House

“As our first venture into purpose-built rental, there were a thousand more decisions to make, compared to a pure commercial development. Not only were we grateful for the pro-business mindset of the City, but we were extremely well supported with ongoing counsel from First National at every step.  - Jeff House, Founder, Fast Forward Ventures

Two local developers, Jeff House and Lee Greenwood, are leading the way in mixed-use development in St. Thomas, Ontario.  Both long-time clients of First National, House and Greenwood recently partnered on five new projects in the region

Greenwood is a partner with Canadian Commercial Development and managed real estate portfolio for a major grocery store, before establishing himself as a reputable commercial developer of shopping centres nationwide.

House, founder of Fast Forward Ventures, a real estate investment firm, brings a background in corporate brokerage as well as investing in older apartment stock using CMHC loans. House also grew up in St. Thomas and has been watching his hometown’s population boom over the last few years and had his eyes set on the redevelopment of several acres of land around a former industrial site in the heart of the city.

Initially, House and Greenwood envisioned transforming the almost 5-acre site into a retail destination for the city with coffee shops, grocery stores, and other essentials. Something they both knew how to deliver successfully. However, with political pressure for more affordable housing and the arrival of thousands of new jobs due to a local manufacturing boom for electric vehicles, the developers had an opportunity to build something completely new for St. Thomas. Housing that could offer residents a walkable lifestyle, steps from every amenity. In addition, parceling a portion of the site for residential would also enhance value for the entire development site.

At The Highlands Groundbreaking in November 2023

L-R: Matt Campbell, Randy Fischer, Russ Omond, Lee Greenwood, Aussie House, Jeff House, Diana House, Matt Van Gilst, Jeff Almond, Jim Foote, Justin Pennings, Jason Stubbe

Adapting vision and policy to meet local needs

Along with their site plan application for a new residential development, the developers requested a minor policy adjustment to allow for a purely residential structure instead of the required mixed-use zoning, which typically mandates commercial uses at ground level for residential projects on commercial corridors. Recognizing local preferences, the developers successfully argued that a commercial-residential mix would not suit their market. The City of St. Thomas supported their vision, granting the necessary zoning change.

We worked with the developers to finance the construction of their purpose-built rental project, using MLI select, with 100 points for energy efficiency. They also received a tax incentive from the city, for bringing to market five rental units that would maintain below market rents and be managed by St. Thomas Housing.

 

 

First National provided the construction financing for The Highlands, a new purpose-built rental in St. Thomas, Ontario. It currently stands the tallest building in the growing municipality.

Building for community with precision

Now completed, The Highlands, a $60-million-plus, 14-storey, 162-unit residential building is the tallest building in St. Thomas and a testament to what can be achieved when a strong developer vision aligns with an entrepreneurial city and careful attention to detail.

As their first foray into residential high-rise, House and Greenwood, along with another leader on their team, Diana House, were incredibly brilliant with how they approached this project. From their understanding of the market to the attention to every detail in the design and construction.

They engaged with local residents of various demographics, in a Facebook group and carefully aligned the product for what people in the community said they wanted. They value engineered every detail, from functional kitchen designs to welcoming, hotel-like amenities, to ensure they could deliver on time and on budget. Their project’s success set new gold standard for general contractors in St. Thomas.

Their due diligence paid off. The Highlands, broke ground in November 2023, and took occupancy in August 2025. Since completion, the new community has been received extremely well from a range of demographics from young professionals to downsizes and is leasing off the shelf. An exciting new addition for St. Thomas’ housing landscape, that was designed and built with so much thought and care.

 

The developers marking the official grand opening of The Highlands in October 2025 with family and friends.

“We brought in Jim Foote from day one. He supported us on everything from initial vision to construction, whether it was to help build out our consultant teams to value engineering the project’s design. When faced with market shifts such as rising interest rates and construction costs, Jim and his team were also critical in helping us adjust our strategies to ensure we stayed on course for our financing.” – Lee Greenwood, partner at Canadian Commercial Development.

About Jim Foote

 

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