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Thu, 26 Jan 2012
The Town of Oakville announced today that it purchased the post office site at 193 Church Street from Canada Post for $11 million. Canada Post had offered the property for sale through a competitive open bidding process and the site attracted significant interest from numerous private developers.
“It is very rare that a piece of property this large comes on the market in downtown Oakville so it’s not surprising that major developers were interested in the site,” Mayor Rob Burton said. “Council felt very strongly that it was in the best interests of the downtown that this site be maintained in the public domain as it provides us with greater control and flexibility in implementing our strategic vision for a successful and thriving downtown commercial district.”
Mayor Burton indicated that the site would be used to provide additional parking for the downtown until its future use is determined.
“The town has been building up its parking reserve for many years to help fund the purchase of additional land for parking in the downtown commercial district,” Mayor Burton noted. “We will be able to fully finance the purchase cost through our parking reserves and ongoing revenues from the town’s parking operations and so this purchase will not affect the town’s property taxes.”
The town hired external consultants to conduct a land appraisal to determine both the current market value and future liquidity of the site.
“This Council is committed to the long-term financial sustainability of the town so we wanted to be confident that the town’s offer to purchase reflected fair market value for the site, and to be equally confident that if the site was declared surplus in the future, it would still maintain its value,” Mayor Burton added.
The town had expressed interest in acquiring this site since the 1990s but Canada Post only made it available for sale this past year. The town will take ownership of the property on April 2, 2012.
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