- What Niagara Regional Agricultural Society sold the property, the location of its annual fair, in November
- Why Home builder Mountainview was the buyer
- What next The land could be used for housing after the fair finds a new home
The Niagara Regional Agricultural Society sold a large plot of land in Welland, Ont., for approximately $40m, Green Street News can reveal.
Home builder Mountainview acquired the 53-acre property, at 1100 Niagara Street, on Nov. 1. The price works out to approximately $755,000 per acre. The sale came after an agreement to sell the property was reportedly reached months ago.
The site has been home to the Niagara Regional Agricultural Society’s annual fair since 1967. At its annual general meeting earlier this year, the society said the fair will remain on the site for up to five more years. The land could be used for a housing development after the fair finds a new home.
The property is 1.5 km from Highway 406, which is the primary north–south road through the Niagara Peninsula. The property is 17 km to Port Colborne, on Lake Erie, and 20 km to St. Catharines, on Lake Ontario.
The land is zoned for Community Open Space. Permitted uses include golf courses, arenas and other recreation.
Last year, Japanese company Asahi Kasei announced a plan to build a $1.6bn electric vehicle battery plant. The plant will be 7 km south of the fairgrounds property.
The 2021 census found that the city’s population grew by 6.6% since 2016. That was was higher than the 5.2% national average over the period.
