The Town of Wasaga Beach has approved plans to sell a portion of its beachfront lands to a developer with plans to build a mixed-use development.

Bayloc Developments, in partnership with Zancor, will redevelop the waterfront properties, creating ground floor retail spaces and restaurants with residential units above. A public square to host events and gatherings is also part of the project.

According to the Toronto Star, the deal involves more than eight acres of property overlooking Beach Area One. The town owns more than 11 acres.

The properties between 1st Street and 3rd Street include the commercial properties purchased by the town in 2015 for $13.6 million, as well as several parking lots, including the Playland Park lot, and municipal facilities such as the transit building.

The sale is currently pending due diligence.

“On behalf of council and town staff, I congratulate Bayloc on its decision to pursue this ambitious community investment,” said Mayor Nina Bifolchi. “We have gone through two very transparent and rigorous processes to get to this point. This is an exciting moment for our community. The result of this development, when fully built out, will be a revitalized neighbourhood that can be enjoyed by residents and visitors.”

The town says specifics of the deal will be kept confidential until the due diligence period concludes and the purchase and sale agreement is finalized. The town and developers will make preliminary concepts available for viewing on the beachfront redevelopment page on the town’s website. 

During the due diligence period, Bayloc and Zancor will refine their development concepts.  Work will also start on a master development agreement to establish overall planning requirements for the project.

The town commenced negotiations with Bayloc in February, one of the development companies identified through a formal Request for Expressions of Interest process and a formal Request for Proposals process.

Bayloc president Nick Falvo says his company looks forward to pursuing the redevelopment project.

“This is a tremendous opportunity for our company to help the Town of Wasaga Beach realize the potential of this area,” he said.

Fabrizio Cortellucci, president of Zancor, said the company also looks forward to developing Wasaga Beach’s waterfront.

“This is a beautiful area and we are committed to creating a vibrant new neighbourhood in keeping with council’s vision for the area. We’ve proven in Wasaga Beach and elsewhere in Ontario that community building is something we do very well,” Cortellucci said.

Preliminary concepts will soon be available for viewing on the beachfront redevelopment page on the town’s website.