A Sudbury-based developer has plans to build new condominiums on former industrial waterfront property in North Bay.
Plans for the $15-million project, to be developed by New Vision Park Property Inc., were revealed during a special meeting of North Bay council on Sept. 20.
The land in question, which has been vacant for decades, is the site of the former Kenroc industrial complex, where mining rod bits were manufactured.
North Bay has owned the land for more than 20 years and has been vocal about its desire to see the site refurbished and redeveloped.
New Vision proposes to construct three buildings, with a total of 63 units, each measuring 1,600 square feet. Units would include two bedrooms, an ensuite bathroom, walk-in closets, and an open concept living room, dining room and kitchen, along with a second, two-piece bathroom.
Council approved the sale of the property at a cost of $25,000 to make way for the project, with net proceeds to be placed in the property development reserve fund.
“It’s a very good news story,” Coun. Sheldon Forgette said following an in-camera meeting to discuss the project. “We’re going to have more people living in the downtown a year from now.”
According to Forgette, there would be three phases to construction, with each carrying a value of $5 million and up to 30 construction jobs. Once complete, there is potential for two to three permanent jobs.
Under the terms of the agreement, New Vision has until September, 2019 to complete the land sale.
– With files from Linda Holmes/BayToday.ca.