The Strathroy-Caradoc Council approved a proposal for a 14-storey apartment building in Strathroy which will become the tallest building there. The proposal is expected to go before council again by this fall or earlier. The project would qualify for a capped incentive of $175,000 from the Community Improvement Plan.
The Record states that Southside Management and Construction Limited purchased the closed seniors centre at 137 Frank Street by Alexandra Park for $1.75 million from Strathroy-Caradoc.
The deal was looked at again after the Conservation Authority said the floodway of Sydenham River took up the whole lot minus the current building's footprint. The price stayed the same, but the municipality added the stipulation that 20 of the up to 180 total units would be available at 80 percent of the market rental price to make it more affordable.
Strathroy Today reports that Mayor Joanne Vanderheyden stated that the plans for the Southside building would include the following:
- 14 floor apartment building
- 180 Units
- Possibility of commercial uses on the ground floor
The deal will close within 30 days of the re-zoning and Official Plan Amendment being approved by Council. The Staff expects the land use next steps will go before the Council in the early stages of this year's third quarter if not earlier.
A significant amount of background work will be required for the development on the land due to a number of constraints, including:
- Floodway of the Sydenham River
- The Entegrus lines
- The substation servicing capacity
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. The 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.
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According to The Record, the hope for the developer is to have people move in by mid-2024 after 18 months of construction.
Councilman Steve Pelkman stated during a presentation from the staff that this project has the potential of attracting 350 people to live and shop downtown and would be a "game changer."
Councilman Marie Baker believes that these kind of developments avoid urban sprawl, avoiding the issues of gobbling up farmland and requiring expensive investments in new infrastructure.
The money from the sale of the Seniors Centre land is to be put in a future needs reserve, with the CAO suggesting it eventually be used for land purchases to gain space for more industry.
CAO Fred Tranquilli said that more projects would be coming soon. Last week they had a request for a pre-consultation for a 10-storey building around the corner from this project. These kind of initiatives can start the ball rolling.
