Development of a new downtown for Wasaga Beach is coming to fruition.
Wasaga Beach council voted to ratify a non-binding agreement with Fram Building Group on Tuesday. Communications Officer Micheal Gennings says the town anticipates netting gross revenue of $27 million from the deal.
Gennings says part of the deal will see Fram purchase 6.5 acres at Beach Area 2 and buy property at Beck and Main – which is owned by the Municipality.
“We are impressed with the downtown revitalization plan that has been prepared by the Town of Wasaga Beach and believe that Wasaga Beach is well positioned to take the necessary steps to regain its position as one of Ontario’s iconic tourist destinations,” FRAM Building Group Ltd., president Frank Giannone said in a statement.
Phase 1 | Town Square lands
This phase will involve constructing mixed-use buildings that front Main Street, as well as the creation of a town square at Main and Beck streets with a potential civic building. These buildings will be a mix of commercial uses and condominiums.
Phase 2 | Beachfront Residential/Resort lands
The second phase of the project involves the construction of condos fronting the main beach area. These units will be able to be placed in a rental pool and it is anticipated that these units will fill a need for high-quality tourism accommodation stock.
Later phases of the development include the Festival Square area, located at the foot of Main Street. Mixed-use development is proposed in this area, including: an events plaza, entertainment and amenity uses and residential development.