Company annoucnes plan for 100-acre development in Alliston

·2 min read

A Dorval, Quebec based company has announced it has entered into a binding agreement to purchase 100 acres of property in Alliston for future development.

Emergia Inc., is a real estate investment and development company that owns and operates multi-purpose real estate proper-ties including retail, multi-residential,officeandindustrial buildings as wellas land for future develop-ment with a focus on small to medium size portfo-lios of mixed-use proper-ties mainly in Ontario and Quebec.

The company did not say where the property is lo-cated in the Alliston area.The company plans to pay $15.7 million over all for the property with the closing date expected to take place early in 2021.

The acquisition of the land, one at “arm’s length”, according to their press release, will be made through a 50/50 joint ven-ture with third parties.

Emergia will remain in charge of the management of the development project.

The corporation and its joint venture partner will each invest $5.4 million and a financing of $4.9million with institutional lenders is being put in place to fund the balance of the purchase price.he corporation has already paid $0.6 million cash and the balance of its $5.4 million portion will be paid by the issuance of $4.8 million of class “A” common shares of the cor-poration to be issued at the higher of the closing price of the shares on the day preceding the closing of the acquisition or $1.00 per share.

Zoning of the land is “expected to change in the course of 2021.”

At that time, the company intends to sell part of the land, around 70 acres, to a developer of single-family residences.

The remainder of the of the property is intended to be developed in 500 multi-residential units and a strip mall of 50,000 to 60,000 square feet.

“This transaction is per-fectly in line with the corporation’s business model that includes mixed-use development and sale of excess lands that do not fit in our model,” said HenryPetit, President & CEO of Emergia in a statement. “It also meets our goal of expanding our operations in Ontario, and this is a good opportunity for Emergia to start its activities in the province of Ontario.”

Brian Lockhart, Local Journalism Initiative Reporter, New Tecumseth Times