Renaissance Brandon confirms acquisition of the Brandon Real Estate Board (BREB) located at the corner of 9th Street and Princess Avenue.
The acquisition of the building and land is the second property acquired by Renaissance Brandon as part of a greater land assemblage plan along 9th Street, Ren Brandon stated in a release Thursday morning.
Fall 2011, Renaissance Brandon learned that the Brandon Inn property owner would not be removing the property from tax sale.
The Board felt it was unlikely there would be a purchaser for the property which would result in the land being transferred to the City of Brandon through the tax sale process.
With this in mind, Renaissance Brandon purchased the Brandon Inn parking lot, a separate parcel of land, which was not subject to tax sale, as the first step toward assembling land parcels on 9th Street in order to facilitate redevelopment in the area.
"This could very well be a defining moment for downtown Brandon", explains Shaun Cameron, chairman of Renaissance Brandon. "Attracting a destination venue to the HUB has been a mandate since our inception. We move a step closer to this goal with the purchase of the Brandon Real Estate Board building."
Renaissance Brandon will be working with the City of Brandon to demolish the Brandon Inn and the Brandon Real Estate Board in the first quarter of 2013, complete the next phases of environmental testing on the land, and any cleanup necessary to enable the assembled land to be proactively marketed as a clean development opportunity.
"With the right development project at this prime site, we can tie our recreational corridor along Princess Avenue with our Entertainment and Shopping Corridor along Rosser Avenue", explains Braden Pilling, downtown development specialist for Ren Brandon.
Any future development of the property will need to adhere to the HUB secondary land use plan and the urban design objective and policies. Given the high visibility of this site and its location within the entertainment and shopping district, Ren Brandon will be seeking a project that captures as many of the six organizing themes from the Renaissance Brandon Vision Plan as possible and maximize the highest and best use of the property.
The price and terms of the sale are not being disclosed at this time; however, Renaissance Brandon did receive funding support from the Province of Manitoba in the amount of $227,500 for this project.
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