(Renfrew, Ontario) – At the June 13, 2024 Town Council meeting, Council authorized staff to enter into an Agreement of Purchase and Sale for the Town-owned property on 210 Ready Avenue to Lero Properties for future development.
Lero Properties became the successful proponent chosen through an Expression of Interest process initiated on March 12, 2024. The recommendation, put forward by Eric Withers, Director of Development, Environment, and Infrastructure/Deputy CAO, highlighted key aspects of the proposed development at the Council meeting, which included a minimum 24-unit multi-residential development and associated parking and landscaped open space.
The surplus funds generated from the sale of this property are expected to be allocated to a new Parks Reserve, earmarked for enhancements outlined in the Parks, Recreation, and Waterfront Master Plan.
"Renfrew Town Council's decision to approve the sale of the property on Ready Avenue reflects Council’s commitment to increasing the supply of needed housing in the Town of Renfrew through creative residential projects such as this,” says Director Withers. “We look forward to the contribution that this project will make toward our community, and the associated benefits to our parkland system that will flow from the proceeds."
The concepts for the proposed development, outlining the maximum development potential and requiring the addition of adjacent lands, were considered during negotiations. The Agreement of Purchase and Sale, which mandates the construction of a 24-unit building on the town property alone, with the purchase price based on land appraisals.
The Town, the developer, and their respective solicitors negotiated the agreement in good faith, balancing the interests of both parties, and ultimately ensuring that the project proceeds to completion. The agreement will allow the developer to proceed with due diligence work required to determine the technical feasibility of the project, undertake background investigations, engineering and architectural designs, obtain the necessary development approvals and permits, and undertake site preparation.
For more information, please contact:
Hannah MacMillan
Communications & Engagement Coordinator
Town of Renfrew
613-432-4848 ext. 117