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BUILDING A LEGACY
High Rock Industrial Park is approximately 30 acres of highway interchange lands located at Highway 416 and Fallowfield Road in Ottawa, Ontario.
OPPORTUNITY AND CHALLENGES
After owning the site for more than 30 years, the landowner listed it for sale in 2018, seeking to divest of the land and maximize proceeds after having been unable to rezone it for industrial and highway commercial uses.
SOLUTIONS AND OUTCOMES
Drawing on our experience with other highway interchange industrial developments in Ottawa, Avenue 31 offered the landowner an alternative transaction structure that would allow them to (i) get their original invested capital back with profit; (ii) benefit from the additional value created once the rezoning was complete; (iii) transfer the additional land value tax efficiently to their children and grandchildren; (iv) eliminate further cash calls associated with holding the land; and (iv) benefit from a partner that has a proven track record in land development in Ottawa. The transaction, including the creation of a new limited partnership, was completed in Q1 2021, and we’re currently working with the City of Ottawa to redesignate the site as Rural Industrial, Freight, and Storage. If successful, the land will see a fair market value increase of over 20 times its value from the time it was originally purchased by the landowner in 1991.
“I’ve recently had the pleasure of working with the team at Avenue 31 while they put together a great land deal for my family. I can’t say enough about the professionalism, the deep understanding of their markets, and the integrity of this group. They were a total pleasure to deal with throughout the process and I would recommend their services without reservation to other groups or families.”
