Riverside property on George Street just north of downtown is listed at $19.5 million
Residential redevelopment is likely coming to a large property in the heart of the city along the Speed River.
The longtime home of Armtec metal manufacturing plant at 41 to 44 George St. are up for sale with a combined listing price of $19.5 million.
Armtec is scheduled to eventually relocate that operation.
“There is nothing (like it) in Guelph … it’s so unique,” commented Eric Frey of Caldwell Banker, who was spearheading the sale with colleague John Hoffman. “This is actually the only (site) that is designated for residential along the river.”
The 9.35-acre parcel, located between Speedvale Avenue and Eramosa Road, is designated for medium-density residential in the city’s official plan, though it was identified for future high-density residential until the city council made a change in July.
That decision is currently under appeal, Frey said, although a spokesperson for the Ontario Land Tribunal said there’s no record of one being filed.
“The biggest advantage that I see here is we’ve got 1,500 feet along the edge of the Speed River,” the sales agent added, noting the property isn’t far from downtown and is close to existing trails.
Although there are no formal plans for the site, it is currently envisioned as being redeveloped into stacked townhouses with six to eight-storey tall apartment buildings.
No building applications have been sought at this time.
“Once a buyer gets involved, they can figure out how they would want to do exactly the development,” Frey said, noting the public approval process involving community engagement and input. “Generally when you’re on a river, you have a lot of setbacks because of the floodplain. In this case, they’re quite above the floodplain, so the floodplain is not as much of a concern.”
The property has been up for sale for nearly a year.
“The site’s had lots of interest in it,” commented Hoffman.
As it stands, the site contains about 88,000 sq. ft. of buildings, with eight cranes and eight large roll-up doors.
“If we had a steel fabricator, a manufacturer who wanted to come to the table and buy the property, they could utilize it that way,” said Frey. “That would probably be the ultimate buyer because it would allow him enough time to carry out this project and work with the city to come up with a redevelopment (proposal).
“Values between industrial and residential are actually quite close, as close as it’s ever been in terms of percentage points,” he continued. “It’s almost worth the same amount of money as an industrial manufacturing plant here as it is residential.”
Having been home to metal manufacturing for more than 80 years, Hoffman said the site includes contaminants but they aren’t impacting water quality. Site cleanup would be part of any redevelopment plans, he added.