- What The shovel-ready Station Meadows West site in Smithville, Ont., is being shopped
- Why The site is approved for 412 residential units
- What next CBRE’s land specialists team has the assignment
An approved residential development site known as Station Meadows West in Smithville, Ont., is on the block.
The CBRE land specialists team has the mandate for the 37-acre property at 2881 South Grimsby Road 5 on behalf of a private investor.
The opportunity is being pitched as a shove-ready subdivision that can launch as soon as market conditions regain strength. The approved development concept calls for 412 units: 56 single detached homes, 302 townhomes – including freehold, stacked and back-to-back – and 54 apartment units.
The property could fetch approximately $35m, Green Street News can reveal. The expected valuation translates to $950,000/acre, however, a lack of a posted guidance price is strategic to encourage all types of deal structures, including cash, vendor take-back and milestone-based offers.
Marketing materials say substantial due diligence has already been completed to support the development, including the Station Meadows draft plan engineering drawings, and the sedimentation control plan.
The land, which is inside the town’s northwest quadrant secondary plan, is beside an established residential community.
The property is a kilometre from downtown Smithville, 10km from Grimsby, 20km from St. Catharines and 55km from Toronto. The site of a future GO train station is just over 10km away.
Late last year, home builder Mountainview bought a 53-acre property at 1100 Niagara Street in nearby Welland for approximately $40m, according to Green Street’s Sales Comps Database. The price worked out to about $755,000/acre.
