Barrie's Downtown Facing Dramatic Changes
At Monday's General Committee meeting, there was a lot of talk regarding new downtown developments.
First, Councillors did give initial approval to the facility design for a 650 seat Fisher Auditorium and Events Centre at the former Barrie Central Collegiate site at a potential cost up to $25 million, although there are still quite a few hoops to jump through regarding financing before any shovels hit the ground.
There was also a pitch about a potential Hotel-Condo, that could happen at 149 Dunlop, would include 132 hotel rooms and 93 residential units. Now parking would be an issue here, so the developers are including a new underground parking facility below Sam Cancilla Park.
And Advance Tech Developments is asking for permission to develop 3 properties at the 5 Points, their proposal calls for 20 storey mixed use building
BIG BAY TOWNHOUSES COMING
Also at Monday’s meeting, initial approval was given to rezone land on Big Bay Road to make way for a series of three-bedroom townhouses
That project is being spearheaded by Innovative Planning Solutions, and are suggesting the the developer’s targeted price point is $399,000 per unit, which is actually lower than the average home cost in Barrie.
REVERSE MORTGAGE ON CANADIAN REAL ESTATE ARE SPIKING
A finally a bit of a cautionary tale about home financing options,
Reverse Mortgages, which are home equity loans that operate just like a mortgage with monthly payments going to the owners instead of the bank, are on the rise in Canada.
That is adding more debt onto homeowners, which could lead to interest hikes and a potential credit bubble if enough of these loans are granted.
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