Pearle Hospitality, owners of the Cambridge Mill, Elora Mill, and Ancaster Mill restaurants, in addition to other hospitality venues in Southern Ontario, are proposing a new hotel and residential development on the Grand River adjacent to the existing Cambridge Mill restaurant and wedding venue. 250 new residential units in a 37-storey condominium tower and a 28-storey, 150-suite hotel are planned. The new building will contain a spa, fitness centre, restaurant, and lounge, as well as parking and support spaces for the hotel. The site will also contain a large public riverfront promenade. Dedicated pedestrian walkways will connect the hotel to the existing restaurant, wedding venue, and the new parkade across the street.