- What A downtown St. Catharines development site is seeking a buyer or partnership
- Why The site is approved for a 31-storey residential building
- What next Colliers has the assignment
A residential development site in downtown St. Catharines, Ont., is in play, Green Street News can reveal.
Pricing guidance for a full sale of the site at 14 Queen Street is about $10m, but the unidentified family office that owns it is also open to partnership offers.
Colliers’ private capital investment group is marketing the land, which is already approved for a 230,000 sq ft residential tower. At that size, the estimated valuation works out to $43/buildable sq ft.
Plans call for a 31-storey tower with 300 residential units. The first six storeys, as well as two underground levels, would house 169 parking spaces. There would also be just over 1,600 sq ft of street-level retail space along the Queen Street frontage.
The site is currently occupied by a vacant, low-rise commercial building.
The property is less than 300m from attractions including the Meridian Centre arena, First Ontario Performing Arts Centre and the St. Catharine’s Farmers’ Market. It is a kilometre from the St. Catharines GO station, 300m from Highway 406 and 2km from the Queen Elizabeth Way.
Downtown St. Catharines has been the subject of a number of high-rise residential proposals of late. In April, Elevate Living proposed an 18-storey, 492-unit purpose-built rental project for 159 Ontario Street – 800m from the Queen Street site.
Late last year, builder Integricon proposed a 33-storey mixed-use condominium building at nearby 37 Ontario Street, and the Regional Municipality of Niagara submitted plans to redevelop a former police station at 68 Church Street into 27- and 12-storey residential towers.
