Residents and visitors to Wasaga Beach could potentially see some changes to the downtown area and a portion of the beach in the next couple of years.
On July 6, during a special committee of the whole meeting, it was recommended to the Wasaga Beach Town Council that it approve signing a non-binding letter of intent with developers FRAM Building Group Ltd. to develop land on Main Street and at Beach Area 1 and 2 in the town.
The recommendation will be up for ratification at the special council meeting on July 10.
Additionally, council has also directed staff to prepare a binding letter of intent for consideration at a future meeting.
If ratified, the agreement will have FRAM Building Group Ltd. purchase land from the town in the proposed areas in a phased manner.
According to a release from the town, once the land is purchased, FRAM Building Group Ltd. will begin developments. The land will be used for a mix of residential buildings, commercial use, public spaces and attractions.
- Toronto Pearson gold heist: Ontario man arrested at airport after arriving from India
- Capital gains changes could have ‘irreversible’ effects, business groups warn
- A ‘zombie’ virus is raging among raccoons. What to know
- Could notwithstanding clause be used on abortion? Poilievre’s office says ‘never’
“We know FRAM has a solid grasp of what we are trying to do with the downtown project and we know they have an outstanding track record when it comes to building communities. The company’s work in Collingwood, the Shops of Don Mills and Port Credit are prime examples of the great work they do,” Wasaga Beach Mayor Brian Smith said in a statement.
According to the release, land will be appraised as each phase is unlocked and the town will capture land value increases as the project unfolds. The town anticipates the gross revenue will be approximately $27 million through the sale of its current landholdings on Main Street and at Beach Area 1 and 2, plus revenue from development charges and ongoing property taxes.
According to the town, the proposed development will occur in several phases.
The first phase, known as the Town Square Lands will include the construction of mixed-use buildings on Main Street, as well as the creation of a town square at Main Street and Beck Street. There is also a potential for a civic building. The town says this land will be used for a mix of commercial use and condominium buildings.
The second phase of the project, which is known as the Beachfront Residential/Resort Lands will include the construction of condominiums along the main beach area. The town says the buildings will be placed in a rental pool, and will satisfy the need for more high-quality tourism units.
According to the release, the later phases will include the Festival Square area located at the bottom of Main Street, where mixed-use developments have been proposed. This will include space for an events plaza, entertainment and amenity uses and residential development.
“We are impressed with the downtown revitalization plan that has been prepared by the Town of Wasaga Beach and believe that Wasaga Beach is well positioned to take the necessary steps to regain its position as one of Ontario’s iconic tourist destinations,” FRAM Building Group Ltd., president Frank Giannone said in a statement.
“Working together, we believe we can implement the town’s plan and build a high-quality place that we will all be proud of,” he said.
If the deal goes through, it is anticipated that construction would begin in 2019.
Comments