Construction could soon be underway on a highly-anticipated development in Bradford’s downtown.
Based on a report from Ian Goodfellow, the town’s director of finance and treasurer, committee of the whole has recommended council approve a request from Claudio Corsi, president of ISROC Building International, to defer slightly more than $2.5 million in development charges (DCs) for Holland Haus, the planned eight-storey, 99-unit condo development with commercial at 123 Holland St. W. and 10-unit townhouse development at 126 John St. W.
Corsi asked for an extension to make that payment until after the development is built and occupancy is expected to begin in March 2027, as the deferral would help him meet financing requirements and allow development to begin before the end of this year, according to the report.
Mayor James Leduc said earlier that day he had met with Corsi who was ready to begin work on a geothermal heating system as early as next week.
“This is a big project for our downtown. It’s a huge one,” he said, adding the developer “worked his butt off” to keep the project going the last few years, while other condo developments have struggled.
Other members of council agreed, with Ward 2 Coun. Jonathan Scott suggesting it could help “kick start” a revitalization “renaissance” in Bradford’s downtown, Ward 4 Coun Joseph Giordano saying the town needs more “beautiful” projects like this, and Deputy Mayor Raj Sandhu saying “it’s not just another building popping up,” but addresses the needs of residents.
In supporting Corsi’s request, Goodfellow acknowledged that as a “fairly unique” development for the downtown, Holland Haus also fits within the themes of past deferral agreements, which provided positive economic spin-offs, or incentivized developments not otherwise available in town as a way of adding community amenities.
“Moving this development forward could conceivably serve as a catalyst to incent other redevelopment opportunities to further revitalize the urban core of the town,” he said.
Goodfellow previously explained the town currently has seven DC deferral agreements in place, include three for hotels, one each with the developers of the West Gwillimbury Power Centre and the Holland Street West SmartCentres plaza, one for the severance of a residential lot on Simcoe Road and one for the accommodations of seasonal farm workers.
While the Holland Haus sales office opened on June 20, 2022 and occupancy was then expected by March 2025, the property remains vacant.
During the previous term of council, committee of the whole agreed the project is exactly what the downtown needs and recommended council approve the zoning bylaw amendment and site plan during their meeting on Nov. 2, 2021.
At the time, then-councillor Mark Contois praised the developer for agreeing to provide “community benefits” in exchange for exceeding six storeys, including installing speed bumps on John Street West, a public easement on the complex’s parkette/courtyard and setting aside 12 of the 99 apartments as affordable housing units.
The town plans to collect five-per-cent interest on the remaining balance of the DCs until they are paid in full.
The deferral only applies to the town portion, and DCs to the county of about $637,000 (plus accrued interest) and to the ministry of education of about $529,000 will still be due once the building permit is issued, according to the report.
Recommendations from committee of the whole are considered for approval at the next regular council meeting.
— With files from Mike Feldman and Patrick Bales
