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164 King ST St. Catharines, ON L2R 3J4
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Key Details
Property Type Vacant Land
Sub Type Vacant Land
Listing Status Pending
Purchase Type For Sale
Approx. Sqft < 700
MLS Listing ID X8280098
Annual Tax Amount $12,000
Tax Year 2023
Property Description
Prime opportunity in Downtown St. Catharines! Situated in the vibrant heart of the city, just north of the Highway 406 / Geneva Street interchange, this property offers immense potential for high-density residential development, with a capacity for 100 to 200 units. Moreover, recent governmental initiatives have significantly enhanced the feasibility of development. The lifting of GST self-assessment for purpose-built rental projects by the federal government, coupled with the anticipated full HST rebate from the provincial government, promises substantial cost reductions of up to 10%. Additionally, St. Catharines' 2015 Community Improvement Plan offers a range of subsidies and incentives, including the Tax Increment Financing Program ("TIF"), which provides rebates on realty tax assessment increases over a decade post-development, further enhancing the project's economic viability. Nestled amidst a mix of heritage structures and contemporary developments, the site presents an attractive infill opportunity adjacent to the Niagara Transit Commission terminal. The surrounding area boasts a plethora of local retail shops, restaurants, cafes, and personal service amenities, ensuring convenience and a thriving community ambiance.
Location
Province ON
County Niagara
Rooms
Kitchen 0
Interior
Interior Features None
Listed by RE/MAX ESCARPMENT REALTY INC.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
7885 Tranmere Dr Unit 1, Mississauga, Ontario, L5S1V8, CAN