In 2018, Council agreed to a deal where the parking lot at 36 Queen (opposite the Post Office) would be sold to a developer who would then build Condos that included public parking spaces as well as spaces for residents. The original deal allowed the public parking spaces to be charged at a rate no more than twice Town rates. The 5 storey condos would be “high end” with a roof top garden – see the presentation by the developer in resources below. The time frame for this project expired due to Covid as well as planning department delays but the developer continued work on it. At Monday’s Committee of the Whole (CoW) meeting, Council agreed to an extension (which may take the form of a new agreement) and a new timeline. The new closing date will be no later than 30 June 2024 when it’s expected that Site Plan Approval will be given.
The memo to Council from Treasurer Ian Davey describes the development:
The proposed Queensview Gardens is a mixed-use development for the combined properties at 22 and 36 Queen Street and will be comprised of 73 dwelling units and 5,100 square feet of at-grade commercial space. Three levels of structured parking are being provided to accommodate a total of 162 vehicles, including 65 “Green P” public parking spaces (to replace the existing McGill Street public parking spaces) 21 commercial spaces and 76 residential spaces dedicated to the 73 residential units.
See also Developer’s presentation in Resources below.
The plan shows underground parking – if so, then pumps and backup power may be required (as used in Third Street Condos) since it would be under the water table.
The price for the lot has no doubt increased significantly since 2018 but an appraisal in mid 2021 said that the value had not increased at that point. In 2018, I reported:
The agreed sale price is $600k and the appraised value is $1,133K (22 Queen sold/closed for $1,050K in July 2017). But the Town gains with the addition of an indoor parking facility valued at between $960K and $1,600K which makes the total value to the Town between $1,560K and $2,200K. The Condo Corporation will manage the 64 spaces and charge parking fees at no more than twice Town rates (as set out in its Fees and Charges By-law). This parking arrangement will be secured with a 99 year lease.
There was an update to Council in March 2021 – see report in Resources below.
Ian Davey said that there were 4 conditions/items to be completed before the deal could close:
- Due Diligence (each party explores the accuracy of what they have been told) – completed in 2019.
- Environmental – soil studies etc – partially completed.
- Site Plan Approval – no later than 30 June 2024. See timeline in memo fro Ian Davey.
- Negotiation of a Parking lease.
He also said he was confident the project is viable and would proceed – one reason was that ex-Planning Director Glenn McGlashon was now acting as a consultant for the developer.
Council voted to extend the agreement to 30 June 2024 but asked that they be provided an update on the appraisal from 2021 before a final decision is made at the Regular Council meeting next week.
- Memo from Ian Davey to Council – re sale to Queensview – 11 July 2022
- Progress with Queen Street Condo Development – 15 March 2021 – includes Suite details.
- Town to sell parking lot on Queen Street – 19 June 2018
- Presentation by Developer
- Memo from CAO Stephen Peacock – original justification for sale and evaluation of sale price (June 2018)