Developer: Renaissance Group (not-for-profit corporation)

Location: Waterfront, Cornwall, Ontario

Site Area: Finishing Mill Lofts Project: 4 acres; total site: 12 acres

Proposed Use

• 48-unit affordable housing project with ancillary office and commercial space on first floor

Site History

• Housed former Canada Cotton Mills Complex, including several large multistorey buildings

Site Condition

• Some contaminated soils
• Oil remaining in a bunker under one of the buildings
• Overall structural condition of the buildings is good, but buildings must be retrofitted and upgraded to resist seismic loads
• Some demolition required

Cleanup

• Removal of contaminated soils
• Removal of oil remaining in bunker

Costs

• Cleanup: $500,000
• Feasibility study (including environmental): $120,000
• Demolition: $380,000
• Construction: $19.5 million
• Parking construction: $1.3 million
• Development charges waived

Progress to Date

• Planning and detailed study stages completed

Economic Benefits

• Private sector investment (project cost): $19.5 million
• Increase in annual property taxes collected by municipality - $88,000 for Finishing Mill Lofts Building alone
• 48 new residential units
• 10,000 square feet of new commercial space

Other Benefits

• Provision of affordable housing close to the waterfront and an adjacent public park