June 2, 2010 – The City has received notice that First Gulf Thunder Bay Developments Inc. will not be moving forward with its proposed purchase of lands within Innova Business Park due to global market conditions resulting in an inability to secure anchor tenants for a commercial development.
In October 2008, the City and First Gulf entered into a conditional agreement of sale for approximately 52 acres of land within Innova Business Park. First Gulf had planned to develop a 600,000 square foot mixed-use retail centre.
“In recent years, we have received several expressions of interest in these lands,” said Mark Smith, General Manager – Development Services. “We will make sure that the land development community – both near and far – is aware that these lands are once again available for purchase. And we hope, especially as the global economy continues to improve, that the land development community will respond.”
Access improvements into Innova Business Park from Harbour Expressway and Gulf Links Road will continue as scheduled this summer. With an investment of $1 million from the Northern Ontario Heritage Fund Corporation, these improvements are an important step in readying the lands for development.