Case Study
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Owned by the Religeuse Hospitalieres de St-Joseph, the property had served as their administrative centre for the province, the novitiate, infirmary and a residence for Sisters. The organization had determined to divest themselves of this asset which was being under-utilized at the time of sale. The Sisters wished to select a buyer whose plans for the property were amenable to them as a legacy for the neighbourhood in which they had lived. A 52-unit, 3-storey building with spacious and beautifully landscaped lawns in a well-established neighbourhood, in close proximity to schools and a commercial mall featuring a variety of amenities, the facility was nonetheless institutional in nature and therefore had limited options for repurposing.
The property was marketed on an unpriced, “Principals Only,” basis through an RFP process, targeting private schools, other religious organizations, low-rise residential developers and seniors/retirement home developers. At the seller’s request, a 90-day marketing period prior to acceptance of any bids was established, to ensure exposure to the broadest possible audience reach.
Two offers were received, creating a competitive situation. The property sold at fair market value to a developer whose plan was to expand and convert the residence portion into a Senior’s Living Facility and sell the surplus lands as residential lots.