Nuclear Refurbishment Contract to Boost Pickering Industrial Real Estate
A $1.7 billion contract for Unit 5 at Pickering Nuclear Generating Station has been awarded to the CanAtom joint venture, with site construction now underway. Suppliers such as Black & McDonald and CanAtom are expanding their Pickering footprints, and OPG is building a 200,000-square-foot training facility. The project is expected to create demand for contractor space, warehousing, and other operational real estate.
The CanAtom joint venture, formed by AtkinsRéalis and Aecon, holds a three-year contract for Unit 5. Site preparation is underway, with reactor work slated for January 2027, subject to safety commission approval. Suppliers are already committing locally: Black & McDonald opened a Granite Court facility for over 85 staff, while CanAtom and E.S. Fox added office space.
OPG is building a 200,000-square-foot training and mock-up facility on site, plus a 38,000-square-foot modular building for vendors. Although heavy components like steam generators are made in Cambridge, the refurbishment is expected to drive demand for contractor space, warehousing, and operational real estate near the plant.
This multi-year project could significantly reshape Pickering's industrial landscape, potentially attracting ancillary businesses and creating hundreds of construction and operational jobs. Local contractors and warehousing providers may see sustained demand, while the worker influx could pressure housing and services. The long timeline offers a stable economic base, but regulatory delays could temper investment confidence and slow the anticipated real estate ripple effects.