Downtown residential development could be coming to Strathroy but that’s probably a couple of years away still even though the process initially began this week. Strathroy-Caradoc Council approved the sale of the property at 137 Frank Street being the former Seniors Centre for $1.75 million to Southside Management and Construction Limited with intended residential development planned.
Mayor Joanne Vanderheyden says the agreement contemplates Southside building an apartment building of up to 14 floors and 180 units, with the possibility of commercial uses on the ground floor. In addition, the council report says the Municipality negotiated to have 20 of those 180 units available for rent at 80% market rent, which according to the Mayor, is very important as a developer is not required to put in any under market rent units. She adds there’s still a long way to go and we can’t put the cart before the horse.
Vanderheyden says growing the downtown residentially is extremely important.
The deal will close within 30 days of the re-zoning and Official Plan Amendment being approved by Council. Staff expects the land use next steps will come to Council in the early stages of this year’s third quarter if not sooner.
Development on the lands required a significant amount of background work due to a number of constraints, including the floodway of the Sydenham River, the Entegrus lines and substation, servicing capacity and more.
The Conservation Authority would not allow any development in the floodway, which covers nearly the entire property with the exception of the footprint occupied by the existing building.
A change in the material terms of the Agreement of Purchase and Sale related to the building envelope required that the agreement be revisited and revised. While the sale price of $1.75 Million has remained the same, staff used the opportunity to improve the agreement in favor of the municipality by requiring the inclusion of 20 units which would be available for rent at 80% market rent.
Staff also included the requirement of an easement along the south side of the Sydenham River to allow construction of a trail if such an amenity is required in the future. The easement across the property connecting Frank Street to the bridge and parkland is being maintained.