Condo development poised to proceed with final sale of waterfront land

Following an in-camera session during its regular meeting Tuesday, North Bay City Council unanimously approved the final sale of the former Kenroc/Uniroc property on Memorial Drive to New Vision Condominium Residences — on which it intends to develop at least 21 condo units and has plans for up to three times that number.

Deputy Mayor Tanya Vrebosch told her colleagues the development fit into Council's growth mandate, adding new revenue for the City and bringing "a more diverse population to the downtown area. This is very good news to finally see this development move forward."

The conditional $25,000 sale in 2018 to the Sudbury-based company was originally expected to be completed in 2019 but the final approval was extended to 2020 at New Vision's request. 

The property has been for sale for years and the remaining structures were demolished in 2009 by order of the council of the day. The environmental condition of the land turned some potential buyers away but, according to Mayor Al McDonald, New Vision is planning a different approach.

"It is a contaminated site and with building codes changing and market conditions, they want to satisfy all their needs," McDonald said upon Council granting the extension in December 2019.

The initial plan presented in 2018 was to put a "parking lot at the bottom of the apartment building that will mitigate some of their environmental costs," McDonald said then. "If they put residential units right to the ground, they might have to spend $1 million cleaning up the property. If they move up one level, it might mitigate a lot of those costs, but it all depends on the building."

Prior to the vote, Vrebosch gave a summary of the deal saying, "New Vision is proposing to build a condo development with at least 21 units. The agreement was amended in 2019 to address changes to the building development schedule and extend the closing date to April of 2020." 

The commitment to 21 units would satisfy the first building of the original three-phase plan with a cost of $5 million per structure (in 2018 dollars). Promotional materials from New Vision still show three buildings.

"Although COVID-19 contributed to some delays of that schedule, staff have continued to work with New Vision, which has now completed much of its due diligence regarding the environmental condition of the site," said Vrebosch. "Subsequently, a new agreement of purchase and sale has been approved with a revised development schedule that will see the sale close this month and substantial construction begin no later than August 21, 2022."

The deputy mayor also stressed the trail system that runs near the development site will "not be impacted," and the property would revert to the City if conditions laid out in the development schedule are not met, Vrebosch added. 

Coun. Johanne Brousseau expressed her thanks to New Vision for their investment in North Bay and Coun. Dave Mendicino observed the residential development enhances the waterfront area is an important part of the revitalization of downtown.