Commercial Properties Update

Although the buying and selling of commercial properties such as stores and businesses is advertised to business people, residents may also be interested in what’s happening with new owners, new businesses, new construction and other related changes.  Real Estate agents don’t always make their listings public and certainly keep actual sell prices to themselves – I guess it helps with job security. The list below comes from the Internet but it’s not known if an omission means that something has sold or simply been removed from listings. There are two groups of properties tied to personalities:  1) the “John Lee” properties – that is, they were owned by him at one point but are now being sold off – these… Read complete articleCommercial Properties Update

Mall Strip Plaza re-zoning approved

There were no objections at the Public meeting on Monday to the proposed minor rezoning required for a proposed new Strip Plaza on Mall property.  The developer is Trinity Development group with design by MHBC – both were represented at the meeting.  The new building would be at the corner adjacent to the Strathy road lights with its rear boundary on Elgin Street.  There will be provision for a banking institution, a drive through restaurant and four other retail stores.  The Developer is describing the space for a bank in neutral terms but the zoning at the mall allows only one “financial Institution” and since the Bank of Nova Scotia is currently in the Mall, while that is there, no… Read complete articleMall Strip Plaza re-zoning approved

More Details on New Hotel Provided at Public Meeting

Plans to build a Holiday Inn Express Hotel were first made public in September (see link below) with the next stage a public meeting which was held on November 4th.  The new hotel will be four stories with 82 rooms and will be built on an extension of DePalma Drive alongside Home Depot.  The original application for rezoning asked for a number of exemptions including less than required parking and less than required landscaping.  However, by the time of the public meeting, these concerns were resolved leaving only the rezoning to allow a hotel.  Since both the County and Town’s Official Plans allow hotels in this location, this would seem to be merely a formality.  No objections were raised at… Read complete articleMore Details on New Hotel Provided at Public Meeting

CIP grants and Loans for 2019 announced

The intent of the Downtown Community Improvement Program (CIP) is to provide money incentives for the upgrade of Downtown properties so that Downtown would become more attractive and prosperous.  The first grants and loans were in 2016 and they have been disbursed each year since then. (See reports below).  For 2019, there will be only one intake (instead of 2 in previous years) and the budget decreased from $150K to $75K.  In addition, there will be an increased focus on larger projects like the one in 2018 at 35 King (Cheslers) which added new apartment units.  Another criterion is high leverage – that is, where the total project costs a significant multiple of the amount granted.  Note that the cost… Read complete articleCIP grants and Loans for 2019 announced

A Couple of Interesting Developments

There was a public meeting last Tuesday to get input on Public thoughts on a development at 900 Division street (which also uses address 9 Elgin Street east) and separately, at the next Council meeting on September 9, Trinity Development Group who manage the Northumberland Mall property are asking for rezoning for part of their land. The 900 Division Street rezoning was approved and will be confirmed at the September 9 meeting but the change at Northumberland Mall will require a public meeting – it’s currently at an early stage.  The 900 Division street  re-zoning was to allow the conversion of an existing building on the corner property into a Medical Clinic to provide space for up to eight doctors. … Read complete articleA Couple of Interesting Developments

Cobourg Commercial Properties for Sale – August 2019

There is quite a lot of commercial real-estate activity in Cobourg – some for sale and some for lease. I find the more interesting category is sale (rather than lease) since that means the owner wants out. It’s also interesting to note which properties are no longer on sale – for example the Park Theatre and the “Quigley” lot on Second Street. Based on public information (MLS and others), I have prepared a list with some properties new and some which have been up for sale for a year or more.  The list is not complete since not all sales are on MLS – a notable group of properties in this category are those on King West originally owned by John Lee. Note… Read complete articleCobourg Commercial Properties for Sale – August 2019

Update on Housing Developments – July 2019

At the Council meeting on 22 July, an update on developments currently with the planning department was given by Councillor Aaron Burchat (on behalf of Planning coordinator Nicole Beatty who was absent).  Aaron said there were 25 projects and listed 12 of them.  They included projects that had recently come before council plus some others.  There is a wide range planned – some are low cost and affordable while others are “high end”.  It’s clear a good number of major developers are interested in the Cobourg market – perhaps encouraged by the recent rise in house prices here.  These include Stalwood, New Amherst, Mason Homes, Rondeau, LeBlanc Homes, Balder Corporation and Rollins Investments.  Some have been in various stages for… Read complete articleUpdate on Housing Developments – July 2019

Update on House Prices in Cobourg

There’s been a lot of discussion recently on the need for affordable housing in Cobourg – both new and rental. But many in Cobourg own their own house – in 2016, according to the census, there were 8,788 households in Cobourg and according to CMHC, in October 2018 there were 1068 rental units. The difference of over 7000 are mostly homes that are owned although perhaps with a mortgage. For many of these 7000+ households, this also represents a large part of their net worth and therefore their savings for retirement.  So the sale price of their home is important and the good news is that despite well-publicized talk of prices dropping, they have not. (Or bad news for renters). The same is… Read complete articleUpdate on House Prices in Cobourg