An attractive piece of downtown Cornwall real estate is up for grabs as the City of Cornwall is now accepting offers on 229 Water Street, the former site of the Si Miller Arena.
“This site offers an excellent development opportunity for a mix of residential and commercial uses,” said Stephen Alexander, general manager of planning, parks and permit services. “The site offers excellent frontage along Water Street, is close to amenities and is of sufficient size to accommodate a fairly intensive use.”
The site is approximately 2.25 acres with 184 feet of frontage on Water Street East overlooking the St. Lawrence River, and another 156 feet of frontage along First Street East. The asking price is $950,000. The City is currently in the process of rezoning the site to Central Business District (C.B.D.) zoning. The C.B.D. zoning provides for a range of uses from Commercial and Institutional to Residential or combination thereof.
Developers can download an information package from either the main City website or the Economic Development website. The information package includes detailed information on the property, including a site map and aerial photograph. Offers for the property will require a 10% down payment. Council will have the final say on any sale.
“We are expecting to receive offers that detail how development will occur,” said Alexander. “Proposals that have a positive impact on the economy of the downtown and the City in general are encouraged, as well as proposals that add visual character and activity to Water Street.”
The site became surplus to the City when the $32 million Benson Centre was opened in May 2011. The City then proceeded to demolish the aged Si Miller Arena and began environmental remediation of the site. Environmental testing has been done on the site and the City will be able to provide the new owner with a site that has been remediated to MOE Table 3 guidelines for Residential Parkland Institutional (R.P.I.) uses.
Once the site is rezoned to C.B.D. zoning, it will then fall into the “priority area” for which certain developments can be eligible for Heart of the City development funding and incentives. This applies to commercial uses and mixed use developments.
Any offer should provide an appropriate time for the City to review and to be scheduled on a regular Council meeting. No offers will be dealt with until the July 9th Council meeting at the earliest. Therefore, any and all offers will be considered equally up until end of business July 3rd, 2012. Offers can be made after that date as well, July 3rd is not a deadline for offers.
The offer should be directed to:
100 Water Street East, 1st Floor
Cornwall, ON K6H 5T9
(t) 613‐930‐2787, ext. 2501
The asking price is $950,000