The Town of Newmarket is partnering with the Shorefast Institute for Place-Based Economies (Shorefast Institute), and Choice Properties Real Estate Investment Trust (Choice Properties) (TSX: CHP.UN), with a common goal of catalyzing local economic development in the community. Shorefast has garnered global attention for helping revitalize the economy of Fogo Island, Newfoundland and Labrador, after the collapse of the cod fishery, into a thriving hub for tourism, the arts, craft making and entrepreneurship. Choice Properties–a national owner, operator and developer of commercial and residential real estate–is a supporter of Shorefast and is the proud sponsor of this initiative which aligns well with their social sustainability pillar of strengthening communities to prosper.  

Shorefast’s vision is rooted in prosperous economies that serve people, nature and culture in local places. This aligns perfectly with Newmarket’s strong commitment to caring about its people, community, and local businesses, and celebrating these stories.

In the spring of 2025, the Town was approached by Shorefast Founder and CEO Zita Cobb and her team to discuss a potential partnership using an asset-based community development model, reflective of Newmarket’s unique attributes. The Shorefast Institute builds on the globally recognized Asset-Based Community Development (ABCD) approach, with a focus on the Economy (ABCD+E) to harness local skills, traditions, community-centric values and infrastructure that can help communities build place-specific products and markets.

Beginning this summer, the Town of Newmarket will be working with the Shorefast Institute, supported by Choice Properties. All three organizations are connected by an active, collective commitment to progress local economic development.  This initiative will be driven by local assets, skillsets and expertise, and the creativity and innovation that already exist in Newmarket. The goal is to empower local leaders, entrepreneurs and community organizations to create and steward prosperous, inclusive economies.

In its first phase, this partnership will bring together community members and business leaders to identify key opportunities for the community and create a path forward for the continued success of Newmarket’s local economic development. This work will include an assessment of potential uses for the Town’s former operations centre at 623 Timothy Street. In the second phase, the Shorefast Institute, the Town and interested parties will explore key pilot projects to determine the feasibility of the strategies identified in phase one.

In addition to the work being done in the local community, Newmarket will be integrated into the Shorefast Institute’s national network of Canadian communities (Shorenet) and will serve as one of the Institute’s founding community partners. The Institute will work to facilitate introductions and potential areas for collaboration, providing Newmarket with access to the expertise of Shorefast and peer communities across Canada.

“This is an incredible opportunity for Newmarket to boldly lean into the people, businesses and connections that make our community truly unique and to leverage the innovation and creativity that thrives here”, says Newmarket Mayor John Taylor. “We are very fortunate to be working together with the Shorefast Institute and Choice Properties to advance local economic development initiatives that are deeply rooted in who we are as a community and the extraordinary talent that exists here.”

“Shorefast is excited to bring our nearly two decades of experience as a practitioner in economic development on Fogo Island, to another enterprising community, through the work of the newly created Shorefast Institute for Place-Based Economies,” says Shorefast Founder and CEO Zita Cobb. “The Town of Newmarket and Choice Properties are truly visionary leaders for looking to innovative solutions in helping build a more resilient Canada by activating economic stewardship and momentum in the places we live.”

“As a longstanding property owner in Newmarket, we are thrilled to invest in the community’s long-term growth and vitality,” says Orit Sarfaty, Vice President, Sustainability and Placemaking at Choice Properties. “This collaborative initiative will also deepen our understanding of how to best leverage our assets, business, and partnerships within the public and non-profit sectors to further strengthen communities where we operate. It will significantly enhance our approach to local economic development, and allow us to apply these insights across our portfolio to the benefit of all Canadian communities we serve.”

About Shorefast Institute for Place-Based Economies:  

The Shorefast Institute for Place-Based Economies is a new national initiative created by the Canadian charity Shorefast, dedicated to place-based economic development.

The Institute catalyses communities, governments, and markets to build national economic strength. By creating new models and networks to share insights and best practices, to activate entrepreneurship, and develop coordinated financial strategies and tools, we can build a more prosperous and resilient Canada. To learn more, visit shorefast.org.

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. 

For more information, visit Choice Properties’ website a choicereit.ca and Choice Properties’ issuer profile at sedarplus.ca.

Just north of Toronto, in central York Region, Newmarket is home to 90,000 extraordinary people. Newmarket, one of Ontario’s most densely populated communities, is moving forward on bold, community centered projects, like the ongoing transformation of the landmark Mulock Park into Newmarket’s very own urban oasis. When complete the park will feature works from the Art Gallery of Ontario at the historic Mulock House and incredible outdoor spaces for residents and visitors. Newmarket’s award-winning Main Street (voted the best in the country) is vibrant, thriving and home to many local businesses, restaurants and York Region’s first boutique hotel. Find out more about why Newmarket was recently recognized as one of the most liveable communities in Canada at newmarket.ca.