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Movement at IMICO?

Prospects are good for marketing the city-owned former IMICO site on Beverley Street for construction of medium-density rental housing, says a new city hall report.
Real estate consulting and brokerage firm CBRE has concluded there is a strong emerging market for this type of housing in Guelph, says a new city staff report that goes to a city council committee on Aug. 12.
CBRE says the best use of the property would be for several residential buildings between three and five storeys high. A total of about 490 housing units is proposed, none at ground level. First-floor use would be restricted to parking, commercial and/or community use.
Parts of the former International Malleable Iron Co. site that are the most contaminated would be developed as public open spaces. It would cost less to clean up the land for this public use than for other purposes, the report says.
The upshot could well be a lower contamination cleanup cost and higher land value than originally thought, the report says.
It’s expected the property will be ready to market this fall, and negotiations with prospective buyers could occur in early 2015, it says.
Rental housing on the site would be aimed at young professionals not yet able to afford home ownership, as well as older people interested in downsizing, the report says.
IMICO sold the site in 1992 to John H. Long, who in turn transferred ownership to The Assembly of the Church of the Universe, which used the land before the city took it over for unpaid taxes in December 1997. The city has been seeking a use for the contaminated site ever since.

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