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The plazas by Morrison Street and Dorchester Road are in a major state of redevelopment. Located off the QEW Highway in Niagara Falls, the area had a succession of unsuccessful properties. Small stores began to fill vacancies but did not have any longevity. Previous flagship stores, such as WalMart and Zellers, were unable to attract large crowds and were unable to maintain profitability. With recent closures, major developers have taken notice of the area in the last few years. Significant developments are underway and it’s become a hub of activity. It’s in a constant state of development and redevelopment, giving the area a much-needed face lift, enhancing the area for the residential properties and future residential developments.
The RioCan developments
Significant development in the Dorchester Road and Morrison Street area came in 2013 in the commercial sector. In July 2013, a LEED certified Target opened at the site of a former WalMart. $10 million was spent on renovations and expansion to convert the former site. This was the first significant development in the area by RioCan, Canada’s largest real estate investment trust (REIT). The plaza development encompasses 143,815 sq ft, features ample parking and is located in a high-density residential area. The inclusion of Target on the southwest side of the plaza was a significant change for the area.
The City of Niagara Falls has approved RioCan’s development of three commercial buildings, one of which includes the new LA Fitness Centre at the site of the former Zellers at 6777 Morrison Street, which is currently well underway. The fitness facility will be 38,000 sq. ft and there will be an additional two buildings for future tenants (27,456 sq. ft and 10,908 sq. ft).
LA Fitness is a privately owned health-club chain with locations through the United States and Canada. In addition to a gym, it will also have a swimming facility, a unique feature for the area. The development will be the first LA Fitness south of Toronto in the Golden Horseshoe. This signifies institutions that have predominately focused on “larger” markets are investing in Niagara. The development by RioCan is not the only development in the Morrison Street and Dorchester Road area.
Taking the old into major redevelopment
What is now a significant piece of commercial and residential development in Niagara Falls, initially belonged to the Niagara Optimus Club. The Niagara Optimus Club was experiencing difficulty maintaining the 43 year old park and sold a section of the property to River Realty Development on June 29, 2012 for $4,512,309 ($201,317/acre). The development includes the commercial corner with residential properties located behind. The proposal by River Realty Development includes 111 residential lots, a small commercial plaza (43,000 sq. ft.), and a block for a park. This plan was approved by the City of Niagara Falls, which will allow for potential future plans for a QEW overpass.
With the recent redevelopment of Optimus Square, businesses and developers have recognized the area as an investment opportunity. In a symbolic example of the movement of retail from old to new, businesses are leaving their old locations and setting up in Optimus Park. They aren’t moving far however, both Tim Hortons and Boston Pizza left their old locations behind to move across the street. Boston Pizza is scheduled to reopen in late November/early December of 2014 after closing their doors on October 26, 2014.
Improving the way of life for current and future residents
An important residential development in the area is the Olympia Retirement Condos, a five-acre parcel to the east of LA Fitness, developed by Niagara Olympia Homes. The three-storey retirement condo building has 69 units, and four car garages around the perimeter, with 64 total garage units. The site offers green space and garden plots, an outdoor pool and ample surface parking. The prices range from $192,900 to $342,900 and include a mix of one, two and three bedroom layouts, with unit sizes from 918 to 1,633 sq. ft.
In addition to the significant commercial developments, there have been major improvements made to the main intersection, vastly improving the flow of traffic. Developing the commercial aspect of the Dorchester Road and Morrison Street area enhances the residential properties and future residential developments, allowing residents to have easy access to major amenities. Looking to move your business to the area or reassessing your mortgage? Connect with a Niagara real estate appraiser today to discover the investment opportunities.
