A new partner has signed on to help transform a prime piece of Midland’s waterfront into a mixed-use residential development.
Midland Bay Landing Development Corporation (MBLDC) recently brought aboard Toronto’s N. Barry Lyon Consultants for a $129,500 fee (plus HST) to help with a two-stage procurement process to select a developer (or developers) for the 40-acre “revitalization” project set to take place on Midland’s waterfront.
The Toronto-based firm specializes in housing, community renewal, development feasibility and real estate strategy.
Corporation chair Bill Kernohan said outside help was needed since neither the town nor the board have the necessary expertise to conduct the process internally.
“A specialist real estate advisor with deep industry experience is needed and is usually used by government for this type of procurement process,” Kernohan said.
Kernohan also addressed the proposed development, which will see commercial and residential neighbourhoods as well as a quarter of the property set aside for area residents to enjoy.
“The public realm includes the promenade, trail, parks and plaza spaces totaling 10 acres or 25% of the whole property,” he said.
“The promenade demonstration is the first part of the whole promenade, which may have different configurations along the entire 1,100-metre length in the final design.”
Kernohan said the 10 acres of new “public realm space is a significant feature” of the Master Plan consultation process.
“By building out the whole Master Plan, which will occur over time, new property tax revenue will be generated for the town that will expand its tax base beyond its current base, which in turn, will enable the town to create new programs and services.”
Kernohan said the Master Plan consultation process started with a list of desired characteristics for the property that included both buildings and open spaces.
“The final plan was seen by the public as generally meeting its input,” he said. “At no time during that process was the property envisioned as 100% parkland, but a mix of buildings and open spaces with access by the public to the waterfront.”
As for the process involving N. Barry Lyon Consultants, starting next month, the firm will conduct a request for pre-qualifications (RFPQ) that will be widely advertised to identify interested developers and to prequalify a short list of appropriate candidates.
Those who meet the criteria outlined in the RFPQ will then proceed to the second stage of the selection process wherein a formal request for proposal (RFP) will be issued in March.
From there, proposals will be evaluated, and the successful proponent(s) are expected to be selected in June, recommended to council, and will then enter into a Letter of Intent.
The development board noted an independent fairness monitor will oversee the whole selection process.
