The first phase in what may be a 150-million dollar development in Owen Sound is expected to begin construction next summer.
The development is on the former Russel Brothers site on the City’s east end of the harbour.
Moe Zedeh of Devco Group updated city council Monday night on the company’s plans.
Devco bought the site of the former boat building facility two years ago and has since been working to remediate the land — removing and disposing of contaminated soil.
Zedeh says the cleanup work is complete and Devco is now waiting for official word from the Ministry of the Environment that the site is safe for habitation.
He expects that word by next spring.
The developer also told council the company has found it difficult in the past to attract investors for its plans in Owen Sound.
But Zedeh that is no longer the case.
He also says there’s no shortage of attention from people interested in buying a unit in the first phase of development.
That will be a six-storey, 90-unit luxury condo building in which all units will face the water.
The luxury of the units — which will start at approximately one thousand square feet and go higher — will come at a price roughly 300 thousand dollars apiece.
But Zedeh says people are prepared to pay that price and he expects all 90 units will be sold within six months of their coming onto the market.
He hopes construction can begin next July or August.
The second phase of Devco’s plans could be another condo building in which the units would be rented rather than purchased.
But Zedeh says a hotel could be constructed instead — who mentioned Holiday Inn Express and Marriott as companies interested in coming to Owen Sound.
All told, he says, Devco’s development in the city could be worth 150 million dollars over the next 10 years.
Mayor Ruth Lovell-Stanners says the news is exciting and she feels it reflects continued interest in the city’s waterfront and in residential building in Owen Sound.