A major new development will create 105 apartment units in the south end of North Bay in the next two years — and that's just phase one. It promises to put a major dent in the city's housing crisis.
In 2003, Natasha Bridgmohan founded The BridgGroup of Companies, along with Sajid Rehmatullah, the real estate executive partner. Together, they hope to get shovels in the ground to build the ambitious project by next summer.
The company is headquartered in Vaughan, north of Toronto, and this past weekend brought a group of 50 Toronto private investors to North Bay to see the city, the building site and listen to a presentation outlining the investment opportunity at 744 Lakeshore Drive, just north of Birch's Road.
The company owns a big chunk of land, over 24 acres, and plans an "exciting project" to build a mini-community.
"We're still trying to figure out what other phases would be, but it will comprise other apartment buildings, maybe a storage facility, maybe more rental housing there, too," Rehmatullah told BayToday. "It's still in the works."
Some units will be designated "affordable housing," with rents "below market," but Rehmatullah did not have an estimate of what rent might be.
The building will have a spectacular view of Lake Nipissing and its sunsets, and will sit across the road from a public access beach that rivals Caribbean resorts in the quality of sand and water.
The timeline is aggressive. The former owner of the property had already stripped away the forest, and construction will start early next year. Rehmatullah says studies, including a traffic study, have been done.
"They all have come up positive. We are site plan approved. We are going through a small minor variance, but other than that, all the studies have been done, completed, and the city is satisfied. We do not have any environmental concerns. The site is clean and we have the green light from our ecologist consultant. Phase one is all clear to go."
Rehmatullah promises it's going to be a huge construction project, which is going to bring in lots of local jobs.
"We're going to prioritize hiring of local talent, local contractors, if possible. So there will be enormous job opportunities, plus construction costs. It's going to be in millions of dollars. And it is just the beginning of a much bigger project. So we are looking to invest millions of dollars in North Bay, which is going to create a lot of jobs."
How much bigger could the project be? Rehmatullah predicts at least four to six or maybe eight phases in the project.
"We don't know where it's going to take us, but we have lofty goals. We're going to have five to eight different phases of different projects."
No condos are in the works; all units will be rentals with maybe a storage facility, and maybe a retirement housing community.
"So we'll do all of those things which the city needs and which it is lacking. So we have spoken to the city staff, we have spoken to the mayor, and we have done our own research based on that research. Whatever the city needs, that's what we're going to get."
Gary Gardiner is a city councillor with a keen interest in the proposed project. He says he's not surprised that Toronto area investors are looking at North Bay as a place to put their money.
"I think this is what we've always expected would eventually happen. People in the GTA see North Bay as a place to invest.
"We've got lots of land. It has well-serviced infrastructure in the ground, good planning and building departments to work with. They can accelerate their timelines here, better than they could down south. So I think this project is just the beginning of a wave, and if this is just the beginning, I can hardly wait to see what will follow."
He applauds the plan because North Bay desperately needs housing.
"They've committed to some affordable units as well, which I think is important. And it's interesting that they bumped the number of units from 70 to 105, so I think part of that probably is the Housing Accelerator Fund, right? $25,000 per unit, 105 units, that's $6.625 million in subsidies and incentives, and then there's also some relief in terms of development charges," he said.
"Down south, the development charges are astronomical. And here, while our development charges are, I would say, small, there are some programs where some of those fees will be waived. So I think from the investors' point of view, it's a pretty good opportunity."
