- What Dunsire Developments acquired 85 acres of development land in Fort Erie
- Why The company paid approximately $233,000/developable acre
- What next Dunsire intends to build 900 new homes on the site
Dunsire Developments has acquired a large plot of land in Fort Erie, Ont., in a distressed sale for $15.6m, Green Street News can reveal.
The land, at 85-87 Crooks Street and 0 Thompson Road, comprises 85 acres, 67 of which are developable. The valuation works out to $233,000/developable acre.
The property was sold by TDB Restructuring on behalf of private investor CBJ – Fort Erie Hills Inc. TDB was appointed as receiver and manager of CBJ after it became insolvent.
Lennard Commercial Realty had the marketing assignment.
Before ending up in the courts, the property had received draft-plan approval from the town of Fort Erie for the construction of a low-density subdivision development comprising 79 detached homes, 102 semi-detached homes, 200 townhouses and 800 apartment units. Before the sale was completed, there was a pending application to increase the number of units to 1,183 units.
While it’s unclear whether Dunshire will follow the same approved plan, the firm has said it intends to build over 900 homes on the site.
The land is on the former site of Rio Vista Golf Course. The site is under 2km from the closest Canada-U.S. border crossing, just over 2km from the nearest Queen Elizabeth Way on-ramp and 20km from Niagara Falls.
Dunsire Developments is headquartered in Hamilton, Ont., and has a track record that includes nine completed communities and 236 homes. The company was established in 2010.
