Main Street Makeover: Wasaga Beach's Property Puzzle

In the heart of Wasaga Beach, Main Street boasts properties central to the town's redevelopment narrative. Notably, 10 Main Street stands as a 3,500-square-foot retail building, fully leased, with a price tag of $14.5 million CAD and a cap rate of 2.76%. This beachfront corner site is poised to play a pivotal role in the envisioned Festival Square, aiming to house retail, restaurants, and entertainment venues.

Just a stone's throw away, **9 Main Street** presents a vacant lot currently utilized as a parking area. Listed at $7.5 million, this property is also earmarked within the Downtown Development Master Plan (DDMP) for transformation into a vibrant hub featuring retail spaces, eateries, and visitor services.

The Expropriation Equation

Expropriation, the government's tool to acquire private land for public use (with compensation), has been a topic of discussion in Wasaga Beach's redevelopment journey. However, the town has predominantly leaned towards amicable acquisitions. In 2015, Wasaga Beach invested $13.8 million to purchase seven properties in Beach Area One, securing over 70% ownership of the commercial spaces there. This strategic move granted the town significant influence over future developments.

While expropriation remained a legal avenue, Wasaga Beach prioritized negotiations to sidestep potential hearings. The town's proactive approach aimed to foster goodwill and expedite redevelopment plans without the complications expropriation might entail.

Community Voices and Concerns

The town's property pursuits weren't without contention. In June 2022, residents rallied outside Town Hall, advocating for transparency in the redevelopment process. The Wasaga Beach Ratepayers Association highlighted a poll where 72% of participants expressed a desire for public consultations before any property sales. Protestor Patrice McCammon encapsulated the sentiment, stating, "We aren't even going to get to see what the plan is until after they've sold the property to the developer."

Moving Forward with Redevelopment

By November 2024, Wasaga Beach charted a new course by partnering with Stonebridge Building Group for the beachfront's transformation. This collaboration involves selling over five acres of beachfront property for $14 million, with plans to introduce over 150 residential units and 31 commercial spaces. Construction is slated to commence in spring 2025. Mayor Brian Smith expressed optimism, noting that Stonebridge is poised to initiate a high-quality, mixed-use development that aligns with the town's vision.

Most recently, the Town is focused on its desire to create a new public square made possible by the acquisition of 24 and 32 Main St purchase talks remain underway. On March 27th, Town council approved a purchase agreement for 24 Main St valued at $635,000; this same property sold for $170,000 in 1998, and most recently for $1 million in 2024. The large dispartity in how the Town values the land and the price paid last year suggests that expropriation may still be in-play; how fair that is, of course, is up for debate.

Wasaga Beach's redevelopment endeavors highlight a delicate balance between strategic property acquisitions, community engagement, and the judicious use of expropriation powers. By emphasizing negotiations and fostering partnerships, the town aims to rejuvenate its iconic beachfront while honoring the voices of its residents.