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Ask anyone who has travelled on Thorold Stone Road in Niagara Falls and they’ll tell you that there are improvements to be made. After lengthy environmental approvals, plans for Thorold Stone Road development and expansion finally came to fruition in September 2014. After four years, work has finally begun on phase one of the development that will see Thorold Stone Road extended to the Gale Centre on Fourth Avenue. The development will see both commercial and residential properties benefit, providing easy access to the area, reducing traffic congestion and unlocking a significant economic potential for the area.
Alleviating city issues
In September 2014, work began on the intersection of Thorold Stone Road and Stanley Avenue- the first step in extending Thorold Stone Road to the Gale Centre on Fourth Avenue. Eventually, the road will be extended all the way to Bridge Street at Victoria Avenue, where a roundabout will be constructed. This extension will relieve the “nightmarish” traffic conditions for the residents on Fourth Avenue. Since the completion of the Gale Centre in 2010, there have been significant traffic jams during major events, as the only entrance to the centre is located on Fourth Avenue, a residential street with speed bumps. The extension will alleviate the traffic congestion, especially moving into hockey season.
Unused land opening up possibilities
The development was proposed in a partnership with the Niagara Region by redeveloping the old Cyanamid plant at the end of Fourth Avenue. New Jersey chemical company, Cytec, operated the plant and they have a lease with the Falls Community Development (FCD), a real estate firm owned by Anthony DiCienzo. DiCienzo lodging company, Canadian Niagara Hotels, owns some of the landmark hotels in Niagara Falls. The development will be using the former Cyanamid site for light industrial and commercial use. The opening of unused land has significant economic potential for the city.
Investing the money for the area
The extension, and associated development, will have a transformative impact on the city of Niagara Falls. The Region and the City are investing a significant amount into the area, paying a combined $6.5 million for the extension to the arena. The FCD added an additional $1.4 million to the project plus costs for land, construction oversight and environmental reports to verify the land is useable. Phase two of the extension will also provide a direct link to the city’s downtown area. The entire project is expected to be completed by late spring/early summer of 2015. As development continues, developers and investors are taking notice of this area, recognizing the potential of Niagara real estate in the residential and commercial sector. To learn more, connect with a Niagara real estate appraiser today.
