699 Niagara Street, Welland, ON, L3C 1M2Listing ID# H4008894
Excellent opportunity to purchase a prime 0.9-acre (39,204 sq ft) high density residential development site in North Welland backing onto a public park and steps from Seaway Mall. Active site plan approval and building permit applications are underway with the City of Welland to permit the construction of a 7- storey, 42-unit apartment building, consisting of 2 and 4-bedroom units. Amazing opportunity to build and operate a CMHC backed 160+ bed student housing complex due to close proximity of the site to Niagara college (less than a 10-min walk) and to Brock U. (20 min bus ride with bus stop less than 100m from development site). With ultra low vacancy rates in Welland, booming international student enrollment and rising rents, this is a perfect investment opportunity to get into Niagara's growing student housing market. Copies of architectural drawings, planning studies, permits, city agreements, surveys, engineering drawings, Phase 1 environmental site assessment, geotechnical/soil studies, archaeological assessments, feasibility studies, marketing research, promotional/marketing materials and interior design specifications will be made available to serious purchasers for review upon a conditional offer to purchase and subject to a confidentiality agreement. VTB mortgage options are also available for serious and qualified purchasers. The property is currently improved with a one storey single-family home to be demolished upon approval of site plan application.