|
 Trent's Surplus Endowment Lands in Woodland Acres to be SoldFOR IMMEDIATE RELEASE Next phase of Endowment Lands development to focus on long term, infrastructure planning on the East Bank Thursday, March 1, 2012, Peterborough
"The sale of these two, small surplus parcels of land is a strategic decision by the University to maximize the value of its Endowment Lands in order to generate new revenues that will enhance infrastructure on the East Bank of our campus and bring the services our students and members of the broader community desire," said Dr. Steven E. Franklin, President and Vice-Chancellor. "The proceeds from the sale will facilitate further planning for investments in infrastructure on the East Bank that support Trent's academic mission and position the University as a driver of economic development in the Peterborough region. These funds will also position the University to advance its vision of an environmentally sustainable community connected to the University." President Franklin stressed the lands have no long term, strategic value to the University and are better suited for alternate residential and commercial purposes. "The funds generated by this sale provide seed funds to assist in developing parcels of land on the East Bank that can provide new, long term revenue streams for the University." He also stressed that the University will be consulting broadly as it embarks on an integrated planning and consultation process to engage the community in this planning. The sale of property follows a public request for proposals issued in 2011 and involves two parcels adjacent to Woodland Drive, located west and east of Hetherington Drive (see map). The sale of the parcel fronting along Water Street remains conditional at this time and will be subject to public planning applications by the purchaser, Cor-Plan (2006) Inc. Both parcels have been sold to Cor-Plan, the successful purchaser in a public process issued in July, 2011 and advertised on the MERX purchasing system. Cor-Plan is a privately owned holding company based in Toronto that develops residential and commercial property. The firm is owned by Mr. Sheldon Rokin. Cor-Plan's intention is to integrate Parcel 2A with the existing residential development, to the west of Hetherington Drive, to create a larger residential community with vehicular, pedestrian and bicycle access from the west side of Woodland Acres through the planned commercial services to Water Street. Parcel 2A (west of Hetherington Drive) is a total of 1.56 acres. The developer's intention is to construct 16 townhouse units including pedestrian walkways, a storm water management pond, streets from the existing and planned development, and open spaces. Parcel 2B (east of Hetherington Drive) is a total of 6.49 acres. The developer's concept plan for 2B includes two stacked town home buildings (24 units and 20 units) above covered parking, as well as potential commercial space for amenities such as a bank, coffee shop and drug or food store, with parking, open space and a storm water management pond with a water feature. Trent University will receive $250,000 for the sal of parcel 2A. This is an unconditional purchase which is not dependant on the purchaser achieving any particular land use proposals. The purchase price for parcel 2B is not available at this time. While Cor-Plan is fully committed to seeing the project through to completion,, this sale remains conditional upon land use approvals. The final price will be reflective of the outcome of those processes and will be publicly reported at a future Trent' Board of Governors meeting. No purpose built student housing is planned for either property and the stacked townhomes in 2B will likely be condominium units designated to be sold. It is anticipated that it will take the developer four to five years to complete the sale of all residential units. The next steps for Cor-Plan include consulting with the Otonabee Region Conservation Authority (ORCA), obtaining an appropriate environmental assessment as part of the approvals process, and completing the necessary environmental and planning work, including making the appropriate applications to the City of Peterborough under the Planning Act to permit the proposed uses. - 30 - For more information contact: |
Trent University is proceeding with plans approved by its Board of Governors to sell property
it owns in Woodland Acres to facilitate further infrastructure developments on the East Bank
of the Symons campus in Peterborough and to develop lands at Armour and Nassau Mills
Roads as first envisioned as part of the initial planning for the University.