« Cullen Gardens cost $8.9 million | Main | Toronto Public Safety Alert »
The rebirth of Oshawa
G
eneral Motors will always play a strong role in Oshawa's identity, but Durham Region's biggest city is beginning to shake off its image as a one-trick manufacturing centre.
Automotive companies and spin-off firms are still attracted to Oshawa and home builders are busy as beavers erecting homes for the incoming workers. But there's also a new breed of developer arriving to kick the tires, attracted to Oshawa because they see a city with the potential for a little more sophistication than it is often given credit for.
Already in town is Maple Leaf Sports and Entertainment, and the owner of the Toronto Maple Leafs and Raptors professional sports franchises is hard at work building the future home of the Oshawa Generals in the heart of the city's downtown. There's hotel money in the city core now, with a consortium of financiers preparing to convert the tired old Genosha Hotel into a contemporary facility. Just east of the arena is a condo and townhouse project financed by Western Canadian money. And in the east end there is more regeneration, thanks to a builder who carved out his reputation in downtown Toronto.
Hans Jain of family-owned Atria Developments is in that new class of developer. His firm honed its craft converting buildings in Toronto's warehouse district into chic loft condominium projects.
Mr. Jain arrived in Oshawa in 2004 to convert the downtown Bond Towers office building into upscale residences. Construction kicked off last fall and the 120-unit Parkwood Residences is now nearing completion.
"Oshawa is similar to many of the neighbourhoods we've worked on in Toronto and there were people who thought we were out of our minds when we bought the property," he said. "But it's about renewal and it's about potential".
The project has proven successful enough for the family to look for new developments on the other side of downtown. Mr. Jain already has a proposal to build a high-end 400-unit condo property just north of the new arena and adjacent to the future 350,000-square foot consolidated courthouse set for construction this year.
"This will be a very happening part of town in the next few years. We're very excited about it," Mr. Jain said. "Downtown Oshawa is dead at night right now, but that's changing. When people come downtown then businesses can survive because you need that critical mass.
Randy Sohnchen, vice-president of condominium development for Medicine Hat, Alberta-based Medican Developments, is another newcomer to the Oshawa building scene. His company is developing a residential project on the site of the old Fittings plant that will include about 1,400 units when it is built out.
Mr. Sohnchen said a meeting between the land owner, John Hamer, and Medican founder Wes Reinheller sparked interest in the site and the "potential" of Oshawa's downtown triggered the sale.
"Although some may have a difficult time seeing past the historic realities in the downtown core, we envision a revitalized city centre that will soon be a sought-after destination for residents and visitors alike," he said. "And this site will be one of the most attractive offerings on the east side of the GTA."
Cindy Symons-Milroy, Oshawa's Director of Economic Development and Real Estate, said it is a combination of many factors that is drawing new development into the city.
The sale of the Genosha - a blight on the city's downtown for years - the new arena, the Regent Theatre development and the courthouse announcement have all been major contributors to Oshawa's renaissance, she said. The courthouse news - Queen's Park selected Oshawa as the site just before Christmas - was particularly positive, she added.
Ms. Symons-Milroy said the courthouse will employ nearly 400 people and will attract more than 1,100 visitors per day, bringing in about $7 million in new money each year.
David Pearce, Oshawa's Real Estate and Business Development Manager, says the domino effect of the city's new development means it will be much easier to sell the city to other entrepreneurs in the future.
"I've spent nine years praising GM and their products. Now, finally, with the new arena, the courthouse and the university, there's so much more to say about the City of Oshawa," he said. "Finally there are bigger stories to tell."
March 28, 2006 in Location, location, location | Permalink
Comments
HI!Dear
Just found an amazing site.
Wanna get free ringtones now? Any phone and carrier supported. Download Now For Free. Tons of Music. Millions of MP3's.
Come on in: http://www.ringtone-i.net
bye bye all!
Posted by: BrovkinPEtrO | Jan 13, 2008 5:49:39 AM
