Mississauga-based First Gulf is walking away from plans it had to develop a portion of Thunder Bay’s Innova Park, the city announced Wednesday.
Company officials said they would not be moving forward with the commercial development project, citing poor global market conditions and an inability to secure anchor tenants.
Council gave the green light to a deal to sell 52 acres of the Innova Business Park in 2008. That deal was worth an estimated $8.3 million, and would have occupied about half of the mainly vacant industrial park. The company’s plans would have seen about 600,000-square feet of the park developed as a mixed-use retail centre.
"In recent years, we have received several expressions of interest in these lands," Mark Smith, general manager of development services for the City of Thunder Bay, is quoted saying in a news release issued Wednesday. "We will make sure that the land development community – both near and far – is aware that these lands are once again available for purchase."
Despite the announcement, the city will move forward with access improvements into Innova Business Park from the Harbour Expressway and Golf Links Road.
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