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Cornwall, ON - Construction Activity Breaks Record – Part 1

MarcelGreaux

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Sep 2, 2007
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Building permits issued in 2009 by the City amounted to over $190 million ` a figure that is greater than the sum of the values of the previous four years (2005-2008) combined. Also, based on figures for 2010, the trend is definitely continuing. Furthermore, the activity seems to wide spread among residential, commercial and public sector which is a clear sign that there is healthy growth throughout the community.


The $190 million in building permits may not seem significant for a larger city, however, for a city with a population of only 45,000 people, it is a large number ` enough to create major business activity and jobs.


`2009 was a breakthrough year for Cornwall ` and it looks like 2010 will be just a good,` said Mayor Bob Kilger. ` Building permit values represent a measure of economic activity in a community, and we have seen growth in the City`s residential, commercial and institutional sectors.`


One of the more anticipated private sector projects that was recently completed is the new $60 million Shoppers Drug Mart Distribution Center . The 550,000 sq ft facility will employ 130 people and serve the company`s Eastern Ontario stores.



Another facility is the new 33,000 sq ft office of Service Canada, also being built in the Cornwall Business Park . Over 175 new high paying government positions will be created with the completion of this new modern building.

The City`s busiest street, Brookdale Avenue, has also seen its share of construction. A new $1 million Pizza Hut Restaurant has opened to rave reviews, and Shoppers Drug Mart will soon open its new store in the Haden Group`s 70,000 sq ft commercial plaza. Willarboit Developments are also planning to break ground on their own commercial development project at the corner of Brookdale and Tollgate.




These are just a few example of the slew of recent private sector investment in the city. See below for a quick snap shot of some public sector investments




Investing In Infrastructure


The City of Cornwall is undertaking a record number of infrastructure projects as it takes advantage of various funding programs from the Provincial and Federal Governments.


`These are all projects that Cornwall had identified as priorities`, said Mayor Bob Kilger.





Hospital Project Breaks Ground


The redevelopment of the Cornwall Community Hospital broke ground in early 2009. The $119 million project includes an expansion of the 95,000 square feet of new space and 78,000 square feet of renovation. The expansion will house 5 new state-of-the-art operating rooms, and new emergency and diagnostic and imaging departments. The new construction will allow for amalgamation of all services to the Hospital`s McConnell Avenue site


`The brand new clinical space together with equipment upgrades will ensure our future as a top notch provider of hospital services in Eastern Ontario for years to come`, said Fernand Hamelin, Board Chair.





3+1 Multi Sports Facility


A new $30 million multi-sports facility is nearing completion, with a targeted completion date of March 2011.

The new facility aided with an $18.4 million investment from the Provincial and Federal Governments, will consist of three NHL-sized ice pads, an indoor field house and tennis court and will replace aging facilities currently in use.


Wastewater Treatment Facility


A $55 million project will be proceeding to improve Cornwall `s wastewater treatment facility, with municipal provincial and federal government each handling a third of the cost. The upgrade will be yet another major financial shot in the arm to the area, create jobs and improve the quality of life in Cornwall .


New EMS Headquarters


A new $5 million dollar headquarters will be built for the delivery of Emergency Medical Services (EMS). The new facility to be located in Cornwall `s Business Park , services both City and surrounding counties.


Other Projects



Other projects include a new water main for Brookdale North ($2.1 million project), work on Tollgagte Road ($855,000) and four recreation projects, which has a total estimated project cost of over $2.5 dollars, include a new gymnasium and multi-purpose room for the Cornwall Aquatic Center .


For more information, please visit:





http://www.choosecornwall.ca/index.php?mac...57&hl=en_US








Source: City of Cornwall , City of Cornwall Economic Development, Seaway News.
 

DianeLeahy

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Sep 19, 2007
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Thank you for this report! Timming is everything...we have a RTO that went sideways last summer in Cornwall ...this report will assist us in making a decision on our exist strategy. The property is currently rented and is in a desirable area. Sincerely appreciate this post! Diane Leahy
 

markl

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Oct 1, 2007
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I have owned in Cornwall for years. Cash Cows is all I can say. I was shocked at what the most recent appraisals came in at.



They have been doing some very good things there for a while.
 

MichaelReimneitz

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Jun 23, 2010
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Hello Fellow REIN members,


I`m currently living and working in Cornwall also a new REIN member I`m still learning and very excited to be part of REIN. I`ve been here for 1.5 years and purchased a place in Ottawa as my first investment property. I`m currently renting in Cornwall myself and still looking in Ottawa. Although my eyes keep wondering in my own back yard.



I plan on eventually purchasing a place here but been reluctant because I`ve been in limbo as to whether or not I want to call Cornwall my home officially I`m still in denial as my immediate family and Friends live in Windsor a town that was hit very hard with Real Estate because of what happened with the Automotive and Manufacturing sector.



I`m seeing a lot of potential and good things happening in Cornwall the prices continually climbing. I find Cornwall to be a low income town with many people on government assistance, I guess I`ve been afraid to purchase here because of clientele as oppose to Ottawa working class professionals. I think selling a property here would be more difficult as well. Finding properties that fit in the 8-10% is very easy but again afraid of the clientele. Most working professionals I know own a place in Cornwall.



I`ve spoken with a gentleman who built a brand new 6 plex and they were charging $1000 plus utilities, I drove past this place daily and I think it took 3 or 4 months to rent out the final unit. When I called he told me they were only renting to seniors. Is that even allowed? I`m thinking there patience paid off as they are building an identical unit next door.



Mark I have a couple of questions for you.

Have you had many tenant issues in Cornwall or trouble finding good quality tenants? My landlord mentioned he had a number of problems with different tenants in his places? Also I was on your website the http://www.theversatileinvestor.com/ and I was wondering what software are using to get the property analyzer sheets? Thanks for all your help as I've been reading many of your post and plan on purchasing your book, and I look forward to meeting you at a REIN meeting.



Diane

Can you share what happened with your RTO experience that went sideways in Cornwall?

Thanks
 

nav1940

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Sep 20, 2007
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Hi All

I have been investing in Cornwall For a few years. It has been good for me. Just closing another deal next month.

I have done a few rto that went very well. Onto the next rto.



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