Waterloo-Based HIP Developments has expressed its excitement about the Barrie Central and Prince of Wales development but specifics on the massive project will have to wait.
In a news release, the company said this is HIP’s first acquisition in the Barrie market and will be revealing 'exciting plans' for the 7-acre site later this year.
“We are thrilled to have acquired these landmark properties in the heart of Barrie,” said Scott Higgins, President of HIP Developments in a quote contained in the release.
“Barrie is such a great market. We have been looking at various properties in the City for well over a year now. When the opportunity arose to acquire these significant properties, so well located in the core area of the City, near the beautiful waterfront, we jumped at the chance and are thrilled to have been able to buy them.”
Barrie Central Collegiate closed last June and Prince of Wales in 2011 after the Simcoe County District School Board deemed both schools as surplus.
The properties sold for $5.8 million.
HIP Development's website states that Barrie Central will be its first residential rentals, 'located Downtown in the vibrant City of Barrie. With views of beautiful Kempenfelt Bay, access to everything from Downtown dining to swimmable beaches, and an abundance of parkland, Barrie Central is the perfect location for you to live a carefree lifestyle on the bay.'
BarrieToday's Laurie Watt was first to identify HIP Developments as the buyer in a February column.
How many rental units will be built, their height and style are not yet known.
"We will not be making further comments at this time," Higgins stated in an email.
HIP has successfully completed residential and mixed use developments in Guelph, Kitchener, Cambridge and have numerous projects in the design or municipal approval process in these markets as well as projects in Waterloo and now Barrie.
HIP has a strong focus on Downtown intensification and mixed use projects, the release stated.
Along with its construction partner, Melloul-Blamey Construction Inc., the two companies have developed and constructed a total of 531 residential units, have 394 residential units under construction and have over 1,700 residential units in the planning and development stages.
HIP also has over 200,000 square feet of retail and office space in several mixed-use sites.
Melloul-Blamey is presently completing the new Georgian College Innovation Centre and has completed work for both Simcoe County School Boards, the YMCA, Springwater Township, and the County of Simcoe.
