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Wednesday, February 9, 2011

Beach 1 Update

Wasaga Beach | by Phil Birchard  

buyer might be in place for beachfront businesses

After cancelling their first presentation to council, the receiver of the properties at Beach Area 1 in Wasaga Beach made their presentation to councillors, and the audience at last night's meeting (February 8), eventually.

Council went through all of its agenda, buying time in order for the delegation to make it in time to present.

Brahm Rosen, and his lawyer David Preger arrived just before 8:15. They were expected to be at the meeting to present at 7 p.m.

Once there, Rosen told council that the receivers are currently dealing with three parties that are interested in purchasing the real estate assets at Beach Area 1.  He says they also anticipate closing a sale before the summer season, so the businesses and clubs wouldn't be run by the receiver.

Rosen also told councillors that they are potentially looking for better tenants for some of the stores. He says those tenants they will be replacing are ones that paid rent for the summer, and stopped once the summer ended.

Even though the stores and businesses only operate for the summer, they pay rent year round.

When asked by councillors if the stores and businesses at Beach Area 1 are going to be open this summer, Rosen said that they are collecting rent in anticipation that all tenants will be operating this spring. And he also said that as of February 8th, he can't see why all of the businesses wouldn't be open for the summer.  But he quickly added that if they don't have a transaction completed by the time the summer comes, the receiver will run the businesses once again this summer.

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