Windermere Estates Land Opportunity

Transcription

1 Windermere Estates Land Opportunity 497 acres development land, Bath, Ontario, Canada RealtySource Inc., Brokerage

2 Windermere Estates Land Opportunity 497 acres development land, Bath, Ontario, Canada Asking Price: $3,490,000 Offered By: RealtySource Inc., Brokerage- Commercial Division Patrick Hulley, Broker of Record / President O: E: ph@realtysource.com RealtySource Inc., Brokerage - Commercial Division Suite Gardiners Road, Kingston Ontario K7P 0G3 2.

3 Section 1 - Area Profile The subject property is located in the village of Bath, a community located 14 km's West of the City of Kingston adjacent Lake Ontario. The Village has full municipal services, a Marina, Golf Course (hosting 9th event of the 2014 PGA Tour), a local grocery store, public beach, restaurants, and is home to three new home communities: Loyalist Country Club Estates, Edgewater Estates and the subject property Windermere Estates. The 2011 Census Data denoted a population base of 1,042 residents (a 26% increase over 2006 Census Data), 467 private dwellings. There exists largely as a result of the Golf Course Estate Residential area an older demographic base to the market area. Local Area Employers include Cement Lafarge, Correctional Services Canada Facility (recently expanded with an additional 96 bed facility) the community also draws on area employers from both Kingston and Napanee. A quick overview of subject and surrounding community profiles follows per Schedule A. Like all municipalities there exists limitations on major service infrastructure facilities to meet future growth demands. Within the community of Bath, the most near term limitation is water service capacity. The Pye Group (owners Windermere Estates) as a result of previous cash contributions to municipal infrastructure improvements has an agreement with Loyalist Township that includes a calculation that provides for a dedicated amount of ERU s (Equivalent Residential Units) which allow for both a defined number of water and sewer capacity to be pre-allocated to this development. The allocation provides for a credit on development and impost charges at time of permit which currently represents an approximate savings of $4,800 per single family in fees. Reference Section titled Municipal Service Capacity & Storm Water Management for additional info. New housing prices range from the low $240's for town homes with single homes (bungalows from 1200 sq.ft) starting from the $280's (40' lot frontages). In 2013 there were 12 new home starts recorded by Loyalist Township (as of November 2013, report attached) representing 14% of Loyalist Township Building Permit Activity. There was a total of 50 MLS System Sales in the village of Bath in 2013 with an average sale price of $278,223. The average sale price based on MLS System Sales of new homes was $345,000 in Section 2 - Subject Property Overview The subject property consists of 469 acres of land within the Village of Bath, Township of Loyalist designated as Development Lands in addition to 28 acres Draft Plan Approved (Phase 2 Stages 1, 2 & Phase 3 as shown Schedule D ) for total of 497 acres. The two draft plan approved subdivisions include the following: Draft Plan 1 (D ): Is the northern extension of Windermere Blvd. (north of Edgewater Estates) connecting with the existing Gildersleeve extension consisting of 41 Lots w/typical lot frontages of 62', all single family homes save and except two lots on Purdy Road which are semi-detached to bring total individual residential units to 43 within this phase. Napanee 401 Hwy Kingston Bath Lake Ontario Draft Plan 2 (D ): Is the extension of Bidwell Drive at Gildersleeve and the creation of Hopkins Place, a cul-de-sac providing for a portion of the lots backing onto dedicated park lands. There are 44 lots within this phase with typical lot frontages of 60', all single family homes. In addition to the 87 draft plan approved units the balance of the lands are recognized on the Official Plan (extract attached hereto Section 2.2") containing an approximate outline of the subject within designations include: medium and low density residential, suburban residential, commercial, fringe area and environmentally protected areas. Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 3.

4 Schedule A - Local & Subject Quick Area Profiles Greater Napanee Ÿ20 km s North West of subject property ŸPopulation 2011 Census of 15,511 residents up 0.7% over 2006 Census ŸLocated midway between Kingston & Belleville Kingston Ÿ14 km s East of subject property ŸPopulation 2011 Census of 123,363 residents up 5.6% over 2006 Census ŸPredominant growth West towards subject property ŸBath is seen as a bedroom community of Kingston Amherstview Ÿ12 km s East of subject property ŸPart of Loyalist Township estimated population 10,000 residents ŸAccounts for approx. 50% of residential building permits Loyalist Township Odessa village of Bath: Ÿ11 km s North East of subject ŸBath population 2011 census of property 1,042 a % change of % over 2006 census data Ÿ467 private dwellings ŸApprox. 25% of Loyalist Township Building permit activity as of Nov is in the village of Bath Townships ŸPart of Loyalist Township ŸA new residential development commenced late 2013 ŸBedroom community to Kingston Amherst Island ŸLennox & Addington Township 2011 ŸFerry access only, subject property Census population 41,824 ŸSouth Frontenac Township 2011 Census population of 18,085 ŸLoyalist Township 2011 Census 15,065 is 3.5 km s from main ferry dock ŸThe island is mostly rural farm with year round and seasonal lake front properties ŸPopulation estimated at 400 residents Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 4.

5 Schedule B - Aerial Views of Subject Property Doyle Road Boundry Future Route Taylor-Kidd Extension Lands Owned By Loyalist Township Doyle Road Boundry Jessup Court Water Tower Jessup Court Sir-John Johnson Dr. 6.2 Acre Commercial Sir John Johnson Dr. 6.2 Acre Commercial Draft Plan Approved Sites RealtySource Inc., Brokerage 5.

6 Schedule D Draft Plan Phase 2 Stage 1, 2 & Phase 3 Draft Plan Approved Storm Water Retention Pond(s) 6.

7 Schedule C-2 - Loyalist Township Building Activity Residential Units by Area Amherst Island 2% Mainland Rural 11% Odessa 12% Amherstview 61% Bath 14% Building Permit Type by Total Value Farm 1% Renovations 6% Residential 38% Institutional 40% Industrial 13% Source Loyalist Township Building Activity Report November 2013 Commercial 2% 7.

8 Schedule C-1 - Loyalist Township Building Activity Dwelling Units avg YTD Total Permits avg TYD Permit Value 60,000,000 50,000,000 40,000, avg. 30,000, ,000, YTD 10,000, Source Loyalist Township Building Activity Report November

9 Section Municipal Services / Storm Water Retention Design The Windermere Estates Development as a result of previous developer contributions towards facility upgrades has a preallocated number of ERU's (Equivalent Residential Units) that carry with them a pre-defined saving in development and impost fees (representing approx. $4,800 savings per single family residential building permit in overall fee savings). The ERU allocation fluctuates based on available capacity (municipal infrastructure improvements have been increasing capacity) as of February 2014 the estimated ERU allocation for the Windermere Estates Development was based on water consumption 271 ERU s and 683 based on sewer consumption (this excludes allocation already for the two draft plan approved developments within shown Schedule D ). The value of ERU s to this development parcel cannot be understated, as the value is two-fold: a) The value that is created as a result of the current limited capacity, which in essence eliminates competing developments where allocation is not established (you cannot takeout a building permit at this time without dedicated ERU s). At present the only other development with designated ERU s is the Kaitlin Group s Loyalist Country Club Estates in addition to balance of Edgewater Estates (which is nearing completion). b) The value inherent within the allocation of ERU s given the savings to development/impost charges and fees that result from this allocation. As the ERU s were allocated based on the Pye Groups contribution to service upgrades, a saving in future permit fees was predetermined, representing approx. $4,800 in per single family residence impost / development charge fees. The credit is expressed as a percentage, such that any increase in development charges and impost fees increases the value of the credit. A retention pond is currently under construction fronting Main St. at the future extension of Windermere Boulevard. The first pond (Phase 1) will cover capacity for the existing development (excluding two draft plan approved subdivisions) however, the full retention pond design for the two ponds and quality control pond with anticipated capacity to service to Phase 4 (shown with Lot # s below in white and per Schedule D following page) will be approved to Ministry of Environment Certification with designs included in sale. MOE Certification is anticipated and applies for five years from date of issue. Section Zoning & Official Plan A portion of the property is zoned residential and as previously highlighted the property comes complete with two draft plan approved developments representing 87 residential units as outlined in the green and two brown shaded sections adjacent (all other shaded areas have been developed and white shaded areas with lot numbers represents future development concept only for Phase 4). This is of course just a portion of the entire Windermere Estates land parcel and is shown to a larger scale on Schedule D ( page 6 ). The following extracts taken from Loyalist Township Official Plan Land Use Policy provide insight into future uses of the land based on the Official Plan Designations noted Schedule E following (cont. next page)... Draft Plan Approved Source Loyalist Township Building Activity Report November

10 Subject Property Schedule E - Loyalist Township Official Plan Designations Approximate Boundary of Subject Property See Detail Section Draft Plan Approved Proposed Retention Pond Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 10.

11 Fringe Area General Principles Loyalist Township contains significant blocks of land strategically located and in the logical path of full municipal services extension. These are placed within the Fringe Area designation. Within this designation, such as along the Loyalist Parkway, municipal water has been extended to clear up water supply concerns for existing residential development which arose because of past development practices. These areas are in the path of logical long term extension of existing and designated urban development within the urban area shown on Schedule 'A' (Schedule per Loyalist Township document as this is an extract from Official Plan). Existing development areas within the urban area are continuing to expand. It is important to ensure that the long term expansion of the existing urban area is: properly planned, environmentally sound, provided with adequate services, cost effective, has regard to the Provincial Policy Statement, and keeps open long term strategic options. Loyalist Township therefore proposes Fringe Area Policies for the lands abutting and adjacent to the existing serviced areas, adjacent areas designated for development within the 20 year plan horizon, and areas in the logical path of long term service urban area expansion. The Fringe Area corresponds to the possible directions of future growth and is in the path of the logical extension of existing designated growth areas and expanding municipal services. The Fringe Area is shown on Schedules 'C' and 'D' (Schedules per Loyalist Township document as this is an extract from Official Plan). Environmental Protection The Environmental Protection Area designation applies to lands that play an important role in the conservation of the natural heritage system of the Township and surrounding region. These lands include provincially significant and regionally significant Areas of Natural Scientific Interest (ANSI's), all wetlands that have been evaluated by the Ministry of Natural Resources including significant coastal wetlands, significant habitat of endangered and threatened species, fish habitat, and lands within 30 metres of the high water mark of a waterbody for which there is no floodplain mapping or fill line mapping. This designation also includes natural hazard lands which may pose a threat to life and property because they are prone to flooding, and/or erosion hazards, or have steep slopes, poor drainage, organic soils, or other similar physical limitations. An Environmentally Sensitive Areas overlay identifies lands where development and site alteration shall not be permitted unless it has been demonstrated that there will be no negative impacts on the natural features or on their ecological function. These areas should be conserved in the long term. These lands include significant woodlands, significant valleylands, unevaluated wetlands; lands within 120 metres of a provincially significant wetland, lands within 50 metres of: provincially and regionally significant ANSI's, significant valleylands, significant wildlife habitat and significant habitat of endangered or threatened species, or groundwater recharge/discharge areas; and lands within 30 metres of an evaluated locally significant wetland or fish habitat. Linkages and corridors are also included in the Environmentally Sensitive designation. Medium Density Medium Density Residential a) Medium density residential uses include low density residential uses, triplexes, quadruplexes, maisonettes, row or cluster housing, converted single detached dwellings creating not more than four (4) dwelling units, street front townhouses, low rise apartment dwelling houses, and accessory uses. b) The maximum density shall be sixty (60) units per net hectare. c) Access to medium density sites shall be in accordance with the transportation policies of this plan. d) Height is limited to four (4) storeys. e) Medium density sites, particularly for seniors housing, should be situated in close proximity to parks, recreational facilities, or commercial areas. Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 11.

12 Suburban Residential Suburban Residential a) The designation applies to certain lands in Bath which have been approved as part of the Windermere Estates Secondary Plan. b) The suburban residential designation is intended for the development of single detached dwellings on large fully serviced estate type lots. c) The maximum net residential density shall be ten (10) units per net hectare. Low Density Residential Low Density Residential a) Low density residential uses include single detached dwellings, semi- detached dwellings, duplexes, and accessory uses. The maximum net residential density shall be thirty-one (31) units per net hectare. b) Access to individual lots shall be in accordance with the transportation policies in this plan. c) In order to encourage the enhancement and preservation of existing housing stock and address demands for rental accommodation within Bath, the conversion of existing one and two unit residential dwellings to multi-unit residential dwellings may be permitted within the area bounded by Main Street to the south, Academy Street to the north, and Centennial Park to the east, provided: i) the lot is capable of supporting the minimum number of off-street parking spaces in accordance with the provisions of the implementing Zoning By-law; ii) the proposed use will conform with the Township By-laws and the Ontario Building Code Act; iii) adequate open space and amenity area is provided to meet the needs of the residents; iv) adequate provision is made for buffering between the converted dwelling and adjacent one or two unit residential dwellings; v) municipal services such as water, sewers, drainage, roads, etc., are adequate or can be made adequate; vi) traffic and parking conditions in the area will not be adversely affected; vii) the applicant, if requested, will submit a report prepared by a registered architect and/or engineer detailing the condition of the building and the necessary improvements thereto and stating to what extent the existing services meet the municipality's specifications and requirements; and viii) the property is rezoned to an appropriate zone category permitting converted multi-unit residential dwellings Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 12.

13 General Land Use Policy Guideline Windermere Estates The land use designations on Schedule 'D' are based on studies submitted by the developer and incorporated as a secondary plan. a) Changes to the land use designation will require supporting documentation to address the following: the proposed land uses, distribution, and densities of development; the transition of land uses between what is proposed for development and adjacent existing or proposed development; the identification and resolution of environmental impacts; preliminary engineering analysis for the provision of water supply, sanitary sewers, and stormwater drainage and management; the proposed road layout and traffic circulation, and integration of local roads with the collector and arterial road systems; and such other items as deemed necessary by Council based on new information and/or evolving planning, engineering, and resources management practices. Parcel Exclusions: 6.2 Acres Commercial corner of Main and Somerset and 7.2 Acres corner of Sir-John-Johnson and Main St. south of Purdy Road. Full legal to be provided upon request. Contact Listing Broker for further information. Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 13.

14 Schedule F - Approximate Site Area Summaries Future Extension Taylor-Kidd Blvd. Environmentally Sensitive acres Environmentally Sensitive Undeveloped - East Acres Windermere Estates Undeveloped - West Acres (Total Area) Windermere Estates Undeveloped - East Acres (Total Area) EPA 8.2 acres Open Spaces Excluded EPA 36.3 Acres Open Spaces Phase 4 Area 24.7 acres Excluded Ponds Excluded Note: Total Area includes sub areas shown within, all areas approximate. Draft Plan Approved Area 28.9 Acres (includes pond area) Prospective Buyers are advised to review information provided independently, subject to change without notice E. & O.E. 14.

15 Windermere Estates Land Opportunity 497 acres development land, Bath, Ontario, Canada Asking Price: $3,490,000 To discuss this opportunity further please contact: Patrick Hulley, Broker of Record / President - RealtySource Inc. O: C: E: ph@realtysource.com RealtySource Inc., Brokerage - Commercial Division Suite Gardiners Road, Kingston Ontario K7P 0G3