Princess Site is still up for sale: BDDC
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Hey there, time traveller!
This article was published 19/10/2023 (1086 days ago), so information in it may no longer be current.
The Brandon Downtown Development Corporation has said that the Princess Site — situated between Ninth Street and 10th Street along Princess Avenue — is still up for sale, over a year since the property’s sale was proposed by the city.
“The property is still in the market,” BDDC Downtown Development coordinator Emmanuel Ahaneku told the Sun in an email. “It is our expectation that the potential buyer(s) would be responsible for (re)development, expansion, or reuse of the property in accordance with the Downtown Brandon Secondary Plan which provides the policy framework for the future planning and development of the Downtown Plan area in the City.”
The BDDC spokesperson is optimistic that potential buyers will step forward, as he is not aware of any specific challenges or concerns that could hinder them. The property, he said, holds significant potential and opportunities for development.
He explained that a notable aspect of the BDDC’s proposal is the Tax Increment Financing program — a key component aimed at funding the development of the property.
“The TIF program is expected to benefit both the prospective property owner and the community in terms of economic development and downtown revitalization,” he said. “It will lead to substantial property value improvements, making it a cost-effective investment.”
Under the TIF program, he said, the incremental education-related property taxes generated by the new development will be reinvested in the project for a limited time, typically 25 years.
“The conditions of the subsidized sale come with specific requirements, including the necessity for any building on the property to be at least three storeys high and cover at least 40 per cent of the building lot,” Ahaneku told the Sun. “These conditions align with the goals of the development project and adhere to the Downtown Brandon Secondary Plan’s Section 5.3.1g.”
The section stipulates that “the maximum street wall height should be three (3) storeys, with all additional storeys stepped back to minimize shadows on streets and maintain a street presence and scale of buildings.”
As it stands, “the land between Ninth and 10th Street along Princess Avenue remains an attractive prospect for potential buyers willing to invest in the redevelopment of this key downtown area.”
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