Today I’ll be looking at three new Niagara condo developments that have gathered attention recently. These developments are in varying phases of completion, from near complete to beginning construction.
Imperial Bank Building - 212 West Street, Port Colborne
The imperial Bank was constructed in 1911, when Port Colborne was still a village, (it became a town in 1918). At the time of its construction, Port Colborne was a popular vacation destination for Americans, especially from Tennessee. The banks Classical Revival of the Beaux-Arts style fit in well with the homes being built by visiting Americans at the time.
According to Niagara Falls Tourism, 12 million visitors took in the beauty of the falls and surrounding tourist attractions in 2016; a number that continues to increase meaning more expenditures on local tourism businesses. The majority of visitors still come from elsewhere in Ontario, although visitors from the United States and overseas continue to spend liberally in Niagara. Tourist diversity should be kept in mind if considering purchasing a Tourist Commercial property.
Just over a year ago Niagara was named Ontario’s first Foreign Trade Zone, and in that first year, we are already experiencing the rewards.
The summer of 2016 was a turning point in the revitalization of Port Dalhousie. New commercial projects were finalized along Locke Street, the Union Waterfront development was announced in place of Port Tower and the Murphy’s building was sold through Colliers Niagara for revitalization. The estate of the historic Lincoln Fabrics property also hired me to market the property for sale with the Colliers Interational team as a commercial or residential redevelopment opportunity.
I am pleased to announce that Lincoln Fabrics has sold and details of what’s next for the property are slowly being released.
Niagara has become the fastest growing real estate market in the country. Average sales prices are up over 30%, with the new average sales price sitting at $403.124. This increase is thought to be a result of Toronto-based families moving further and further out of the GTA to find affordable places to live. The market demand in Niagara will only continue to rise.
Canada is seeing a rise in foreign investment in commercial development. For the second consecutive quarter foreign investors put more money into the commercial market than private Canadian investors. In fact, they accounted for 41% of all activity, Canadians accounted for 24% of investment activity in the market.
There has been a 33% increase in foreign investment since 2015, totalling $34.7 billion dollars in commercial development funding.
Fort Erie is growing at a rapid rate.
The sleepy border town’s residential growth has accelerated past peak numbers recorded in 2007, hitting 256 new households in 2016. These numbers may feel small in comparison to other Niagara cities, but it’s growth never seen before in Fort Erie.
Since it’s launch in December 2016, The Locke condo development in Welland has garnered a lot of interest from investors and rightly so. The development, which will be rented out as student residences to serve Welland’s Niagara College campus, is marketing it’s units to potential investors.
The concept launched by N Square Development Group includes 42 units featuring two to four bedroom condos over seven storeys. Sitting on Niagara Street in Welland, the condo will offer easy transportation access for students and an attractive home during their college stay. Investors are expected to see a 36.5% gross return on investment over a two year period.
Contracts are a necessary part of doing business and one of the most important contracts a business will sign, is their Lease. Not only are Leases a form of protection (for the lessor and lessee), they outline the obligations of each party
Commercial Leases are not standard contracts as every business has their own needs and requirements; room for negotiation needs to be accommodated.