Ontario prepares mega-site inventory

Ontario prepares mega-site inventory

Wednesday, February 10, 2021

The Ontario government is moving forward with plans for an inventory of land tracts that could accommodate large-scale manufacturing. Newmark Global Commercial Real Estate Services has been named to lead the selection process once the in-progress call for 500- to 1,500-acre mega-sites closes on July 31.

Thus far, 19 proposals have been received from targeted participants, which include industrial property owners, municipalities and economic development agencies with sites that either have utilities and services already in place or are well positioned to attain them. Successful proponents have been promised an opportunity to team with the provincial government in an effort modelled on U.S. programs to market mega-sites to investors.

“A mega site brings new opportunities for long-term investment that can create thousands of good-paying direct and indirect jobs throughout the industrial supply chain to benefit communities across the whole province,” maintains Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “Now more than ever, the challenge acts as an important investment-attraction initiative for Ontario’s economic recovery and for restarting the province’s economic engine.”

Gregg Wassmansdorf, Newmark’s senior managing director, is a member of the board of directors of the U.S. based Site Selectors Guild for professionals providing advisory and brokerage services for corporate site selection, and is expected to apply that demonstrated expertise to the task of forging Ontario’s mega-site inventory.

“Gregg and the Newmark team have a solid track record for choosing the right communities and sites to meet the needs of major companies,” says Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction.

Leave a Reply

Your email address will not be published. Required fields are marked *