Case Studies

Waterloo
Purchase        Remediation        Conditional Sale: 10 Months

Evaluation/ Acquisition

After much research, we felt that the Waterloo region held some great potential as a long time manufacturing centre in Ontario as well as its growth in population and movement to the knowledge economy lent itself to urban renewal and Brownfield projects. We were fortunate enough to find a former gas station turned service garage where the current owner was interested in selling. At this time there were no environmental reports. We contracted to an outside environmental firm to provide a specific environmental estimate before moving to an offer stage. A deal was completed with the owner on the understanding that some significant remediation would be needed along with demolition work to bring the property to a saleable state.

Remediation

The remediation consisted of removing Hydrocarbon deposits left in the soil from long term underground tank use as well as removal of water by way of pump truck to ensure that property would meet potable water requirements in Waterloo. Currently the remediation is moving towards Record of Site approval. We have received 2 offers conditional on Record of Site Condition and is in the process of selling

Testing

The testing is ongoing to make sure that we will be returning this site to a much more useful use within this growing community.

Selling

The remediation of the property started in late 2009 and by March 2010, 10 Months later, we are in negotiations for the sale of the property to be part of a future residential development. The site will be sold conditional on expected Record of Site Condition.

Time Line

From purchase to conditional sale: 10 Months

 

 

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