Beachfront due diligence period ends without finalized agreement

The Town of Wasaga Beach and Bayloc Developments Inc. have concluded their due diligence process.

In August, the town announced that it was selling town-owned land at the beachfront to Bayloc Developments Inc., with Zancor as a partner, subject to a 120-day due diligence period.

“Despite best efforts we have not been able to agree on the timeline for the project,” interim CAO Gerry Marshall said. “As a result, the agreement will not be finalized and our talks have concluded.”

Mayor Brian Smith said that in the New Year council members will consider next steps for the redevelopment of the properties.

“On behalf of council, I thank Bayloc and Zancor for their interest in this project. It is disappointing that we could not reach an agreement within the due diligence period. Both Bayloc and Zancor are respected and established builders in our community and we wish them continued success. We look forward to working with both partners on other projects in the future,” Smith said.

The five parcels of land that make up the town’s beachfront properties are between Spruce and Third streets and north of Mosley Street.

Redevelopment of the area is a priority for council members. Mixed-use buildings and outdoor community space will rejuvenate the neighbourhood, making it more of a year-round destination. A public square to host events and gatherings is also part of the project.

While council must consider next steps, town staff continue with detailed design work for the infrastructure that will support the development area.

Watch for further updates in the New Year.