Estimated reading time: 3 minutes
The Region of Niagara is comprised of twelve municipalities in Southern Ontario. Each municipality represents a unique combination of agricultural, commercial, industrial, multi-residential, and hospitality opportunities. Over the next few months we will be presenting a market snapshot of significant areas within the Niagara Region.
Today, we will be examining the City of Thorold, which is located centrally within the Niagara Region and overlooks the Welland Canal. Thorold represents a emerging business area, specifically in the health and green technology sectors. The City of Thorold is an evolving section of the Niagara Region and as a result, residential and commercial developers are taking note.
Providing space for growth and development
While it is increasingly different for developers to find available land in larger municipalities, such as the City of St. Catharines or Niagara Falls, the City of Thorold is largely unencumbered. This means that the area is an ideal location for development, especially for businesses looking to grow in Niagara. There are currently a number of large residential developments that have recently been completed and the new residents are attracted by the low property taxes, which are among the lowest in the Niagara Region.
A strong transportation system
Thorold offers a multi-modal transportation network. The city offers easy access to the QEW and Highway 406, which provides access to the Niagara Region, the Greater Horseshoe and the United States market. Businesses have access to a global gateway in the Welland Canal. The Welland Canal passes through the heart of the city, forming a key section of the St. Lawrence Seaway.
In an effort to accommodate vehicular traffic without interrupting shipping, the Thorold Tunnel was constructed. The tunnel is a 840 metres vehicular tunnel with a traffic volume of approximately 24,300 vehicles daily.
The emerging business sector
The City of Thorold's heavy industries include pulp, paper, and automotive manufacturing. Other significant industries include abrasives, chemical manufacturing and ship suppliers in conjunction with the Welland Canal. The dominant land uses in the outer regions of the city are generally farming, with light and heavy industrial within a large area of Thorold South, Port Robinson and Allanburg.
Significant developments
The City of Thorold is strategically located between the two educational institutions in Niagara and offers affordable real estate. There has recently been a push to improve the downtown area in an attempt to attract residents and businesses to support the new residents.
To learn more, read “The Economic Viability of Thorold in the Niagara Real Estate Market”.
The Brock Business Park, which provides exposure to Highway 58, has also been growing substantially. Regional operations have been consolidated within the park and the Niagara Region Offices have expanded on St. David's Road. Some of the sites have remained vacant for some time, however with student residences being developed in the park, there will be more opportunities for new businesses to occupy vacant spaces and build new.
To learn more, read "How the Brock Business Park is being revitalized"
The City of Thorold is experiencing growth in both its residential and commercial sector. As city continues to see a growth in residential developments, there will be a need for commercial developments to provide new residents with amenities. The city has a low cost of living and is a very appealing location for developers in the Niagara Region. To learn more about the advantages of the City of Thorold, connect with a Niagara real estate appraiser.
