27 Brock Street & 38-40 Princess Street Gilad Parking Lot
The property had been operating as a surface parking lot with 116 spaces but could be characterized as potentially one of the best development site opportunities in southeastern Ontario, having frontage on 3 main streets in Kingston’s vibrant and flourishing downtown core. It is situated in a prime location across the street from both City Hall/Historic Springer Market Square and kitty-corner to the waterfront park/marina of Confederation basin. The property was not on the market at the time of sale and the owner was not motivated to sell unless they could achieve their price point, as the property was generating parking revenue. In addition, the property was a brownfield site and subject to an Ontario Municipal Board (as of April 3, 2018, now referred to as the Local Planning Appeal Tribunal) decision that limited development potential.
Cushman & Wakefield Kingston’s involvement with the property was initiated through a multinational retirement home operator that engaged us to assist in finding a downtown development site. An accepted offer was negotiated for the Gilad lot. However, due to environmental issues, the buyer did not waive its conditions and the deal did not proceed. The seller then agreed that Cushman & Wakefield Kingston should continue to quietly market the property to well qualified potential buyers.
Because of the environmental issues and planning constraints, only a limited number of potential buyers expressed interest, but Cushman & Wakefield Kingston was able to successfully facilitate the sale of the property to the City of Kingston, representing both parties during negotiations and bringing the transaction to a successful completion.