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644 Garrison RD Fort Erie, ON L2A 6E2
5,997 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Building and Land
Listing Status Active
Purchase Type For Sale
Square Footage 5,997 sqft
Price per Sqft $0
MLS Listing ID 40806093
Abv Grd Liv Area 5,997
Annual Tax Amount $60,613
Property Sub-Type Building and Land
Source Cornerstone
Property Description
644 Garrison Road, Fort Erie — Rare Mixed-Use Investment & Development Opportunity
An exceptional opportunity to acquire a fully occupied, income-producing retail asset with significant residential development potential in Fort Erie's primary commercial corridor. Situated on 6.39 acres along Garrison Road, this property offers 5,997 SF of fully leased retail, nearby Walmart, No Frills, and Sobeys. The true upside lies in the 3.2 acres of shovel-ready residential land, approved for a 7-storey, 220-unit purpose-built rental development including 70 affordable housing units — with a Site Plan Approval already in place. Purchasers benefit from an extraordinary incentive package including development charges frozen at 2024 values, Niagara Regional Property Tax Incentive for the next 10 years, $1,250,000 in Affordable Housing Grants, and CMHC qualification, dramatically reducing the cost and risk of the residential build. With the Town of Fort Erie and Niagara Region actively supporting this project to address a documented affordable housing shortage, this asset is strategically positioned at the intersection of stable retail income and high-demand residential development. Site Plan Agreement is ready pending the Buyer's requirements.
An exceptional opportunity to acquire a fully occupied, income-producing retail asset with significant residential development potential in Fort Erie's primary commercial corridor. Situated on 6.39 acres along Garrison Road, this property offers 5,997 SF of fully leased retail, nearby Walmart, No Frills, and Sobeys. The true upside lies in the 3.2 acres of shovel-ready residential land, approved for a 7-storey, 220-unit purpose-built rental development including 70 affordable housing units — with a Site Plan Approval already in place. Purchasers benefit from an extraordinary incentive package including development charges frozen at 2024 values, Niagara Regional Property Tax Incentive for the next 10 years, $1,250,000 in Affordable Housing Grants, and CMHC qualification, dramatically reducing the cost and risk of the residential build. With the Town of Fort Erie and Niagara Region actively supporting this project to address a documented affordable housing shortage, this asset is strategically positioned at the intersection of stable retail income and high-demand residential development. Site Plan Agreement is ready pending the Buyer's requirements.
Location
Province ON
County Niagara
Area Fort Erie
Zoning C3
Rooms
Basement None
Kitchen 0
Interior
Fireplace No
Exterior
Lot Frontage 473.15
Garage No
Building
Lot Description Ample Parking, City Lot, High Traffic Area, Highway Access, Public Transit, Visual Exposure
Story 1
Sewer Sewer (Municipal)
Water Municipal
Level or Stories 1
New Construction No
Others
Senior Community false
Tax ID 642190086
Ownership Freehold/None
Listed by CUSHMAN & WAKEFIELD WATERLOO REGION LTD.
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