- What A plot of vacant land and a light industrial building are for sale
- Why Both are adjacent to a hospital that’s under construction
- What next The $1.3bn South Niagara Hospital is due for completion by 2028
Two properties adjacent to a medical center under construction in Niagara Falls, Ont., are on the block, Green Street News can reveal.
A 116-acre plot of vacant land is being shopped for $45m, or roughly $388,000/acre, as a development opportunity. Separately, a 116,000 sq ft light industrial/medical building is listed for $25m. Colliers International Niagara is brokering both deals.
The land parcel comprises two plots, one of approximately 107.5 acres and the other 8.8 acres, inside the municipality’s urban area boundary. Some 75-80 acres is usable space. The owner is an individual from Europe.
The vacant land is subject to a municipal secondary plan – essentially a vision for a neighbourhood – the city will finalize in the next couple of years to determine what a buyer could do with the property, including the types and density of development.
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The property is being marketed as a potential development opportunity, in the next four to six years, for commercial, residential, medical and senior living.
A similar property changed hands in Niagara Falls in December 2023 for $44.25m, or $695,000/acre. That site has a faster development horizon than the offered site.
The site is close to the QEW, the main highway through the Niagara region. It’s about 15 km to the Niagara Falls and the New York border crossing and 28 km to Buffalo, New York. Also nearby is the Links of Niagara at Willodell Golf Club.
The light industrial building, at 9515 Montrose Road, comprises seven units, six of which are leased.
The property underwent major renovations in 2018-2019, including work to the roof and parking lot and the $3.8m buildout of a unit for tenant Athletic Performance Centre.
The building, erected in 1977-1978, has a two-storey office space at the front, with the balance being main floor space. The site has approval to add a 16,000 sq ft approved building.
The $1.3bn South Niagara Hospital is being developed at the corner of Montrose and Biggar roads. Set to span 1.3m sq ft, it’s slated for completion in 2028.
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