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It has been well documented in the business and commercial real estate communities, that downtown St. Catharines is in the midst of a revitalization. Large commercial projects including the Meridian Centre, the First Ontario Performing Arts Centre and the Marilyn L. Walker School of Fine and Performing Arts have initiated a ripple effect of change in the core. Older buildings are experiencing revitalization and redevelopment and a overall community confidence in the area has returned. Over the next two years, downtown is set up to welcome many new commercial and residential tenants from new commercial real estate investment. Making now, the time to invest in the area.
St. Paul Street Revitalization
As the main hub for traffic flow and commercial activity, St. Paul Street is perhaps experiencing the most change. Apart from the development of the three large commercial properties mentioned above, buildings including, the previous Lenord Hotel, now Carlisle Square, have undergone significant renovations. Many of St. Paul Street's commercial properties are taking advantage of the Downtown Community Improvement Plan in order to fund their renovations. Later this summer, the city will close parts of the street in order to revitalize the street scape around the Performing Arts Centre. Since being identified as a Key Urban Growth Centre by the province, St. Catharines as attracted $323 million in investment.
105-115 St. Paul Street.
Located along the main artery of the downtown core between the Meridian Centre and the First Ontario Performing Arts Centre, is 105-115 St. Paul Street. The building is mixed use commercial and residential property that’s location benefits from a constant flow of pedestrian and street traffic and offers key access to the wine route, the Burgoyne Bridge and Go Transit. The property includes a turn-key 7200 sq. ft. pub, a leased 800 sq. ft. take-out restaurant and nine fully leased upper apartments. The property also includes a large unfinished basement and driveway with three parking spaces.
Increasing value of the investment
minor renovations would raise residential units rent capability
opportunity to convert commercial units into 3 separate spaces to increase rent/income
CIP Incentives available for the property
Residential Construction Grant Program
available for Downtown residential properties, priority given to apartments
grants equal to 15% of construction cost up to $12,500 per dwelling unit
eligible costs include labour, materials and equipment
Facade Improvement Program
available to improve street facing facades of downtown commercial buildings
grants equal to 50% of eligible costs with a maximum of $10,000
grants provided upon completion of work
Connect with me to see the property, or to inquire about further investment potential in downtown St. Catharines.