Committee to consider preferred developer for Beach Area 1 land

Members of Wasaga Beach town council, at a Committee of the Whole meeting on Thursday, May 20, will consider the next steps in the redevelopment of town-owned land at the main beachfront.

Following a Request for Proposals process, launched in November 2020, the town’s evaluation team has identified Slate Asset Management L.P. as the preferred company to develop municipal property at the waterfront, just south of Beach Drive.

Thursday morning, council members will consider a report from chief administrative officer George Vadeboncoeur, which seeks the following:

1. Approval of Slate Asset Management LP as the preferred developer;
2. The authorization to assemble a team to negotiate with Slate the purchase and sale terms and conditions for the town-owned land at the beachfront.

“This is a significant milestone for our community,” Mayor Nina Bifolchi said. “At the start of this term we identified the redevelopment of town-owned beachfront land as a priority and we have worked diligently through a process rooted in integrity and fairness to reach where we are today.”

The process started with a Request for Expressions of Interest exercise, which launched in 2019, and then the formal Request for Proposals phase.

“The evaluation team conducted a detailed technical review of proposals before presentations were made to council.  From the review and presentation it was determined that Slate Asset Management proposed the best vision for our waterfront,” Mayor Bifolchi said. “The result will be a revitalized area of our community that is attractive as a place to live, dine, work, and relax.”

Slate is proposing a phased approach to the redevelopment, starting with mixed-use buildings, townhomes, and mid-rise condominiums. Landscaped areas, patios, and pedestrian walkways are an important component of the phased development.

Following successful negotiations with Slate, there will be opportunities for the community to learn more about the project.  If the town is unable to move forward with Slate, it will invite the developer that finished second to participate in negotiations.

“Slate Asset Management is pleased to have participated in the Town of Wasaga Beach’s RFP process for the purchase and redevelopment of the town’s owned lands at the beachfront. Our capabilities, experiences, and relationships in planning and design made our vision and offer compelling. Slate is uniquely positioned to bring the town’s vision to life and as the recommended preferred developer, we look forward to advancing our discussion with the town toward a mutually beneficial agreement,” company spokesperson Veronica Green said.

About Slate

Slate Asset Management is a leading real estate focused alternative investment platform with approximately $6.5-billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit the company’s website to learn more.

Project background information

For a detailed look at the municipality’s efforts to redevelop town-owned land at the main beachfront, see our project page. 

The page includes background information, including the various steps taken to date, plus related staff reports.

Staying informed

Stay up-to-date on this project by visiting our project page regularly. Visit the page and sign up to receive e-mail updates from us whenever we add new information.

Watch our meetings

You can also stay informed by watching council meetings on the town’s YouTube Channel.