Leaps and Bounds for Municipal Support
Niagara on the Lake is a well-known municipality that is currently seeing significant growth. The town is in the midst of updating their official plan and the council is under the watchful eye of residents that are not very receptive to change. Meeting the requirement of city staff and town council and understanding the nuances of the area is critical for a site to be redeveloped.
Iconic Gateway Property
The former Walls of Virgil, known by locals, has been a family run business in Niagara for 50 plus years. The family was interested in the disposition of this single-tenanted building and land. Required with the sale was a need to aid the seller with an interim rental agreement to windup the operation. Colliers Niagara was required to bring a buyer forward that could hold this investment property for a period of time before a full re-development could take place.
Build the team and the plan
Colliers Niagara understood the challenges involved with the redevelopment. Through our in-house professionals and our preferred list of vendors, we assembled a team consisting of an architect, contractor, project manager and leasing agent to lobby council, design a cohesive floor plan and façade, renovate the property, and tenant the building. Converting the once single-tenanted property into a 5-unit plaza that maintained the integrity of the town was a feat in itself.
Leverage the asset
Through the successful completion of the redeveloped property, Colliers was able to fully lease the plaza with long-term, quality tenants that fit the needs of the area. By providing a steady cash flow through multiple income streams, the owners of this property have been able to leverage the asset by purchasing adjacent properties to grow their investment portfolio within Niagara on the Lake.