Estimated reading time: 3 minutes
The City of Thorold’s downtown area offers an interesting case study of the economic viability of cities in the Region of Niagara. Despite being strategically located between two education institutions in the region, Brock University and Niagara College, the downtown area of Thorold had fallen into disrepair. Buildings were showing wear and tear and it was turning consumers away. However, there is a changing dynamic of the downtown area and this development has the ability to stabilize the economy in the downtown sector.
The business of education in Niagara
Education has always been a focus in Niagara, with Niagara College and Brock University located within the region. As both the university and college expand, so does the need for accommodations for undergrad & graduate students and for the young professionals that the institutions are creating. The need for student accommodations is nothing new in Niagara. However, that development has largely been situated in St. Catharines and Niagara-on-the-Lake (NOTL), which becomes especially appealing to students who are unfamiliar with the geographical landscape of Niagara. The City of Thorold was generally overlooked, despite its ideal location and affordable real estate.
Enter a new developer
Developer Michael Skritch began buying buildings in Thorold and converting them for student rentals. He examined the state of the downtown area and created plans to make downtown Thorold a desirable place for students and young professionals, thus revitalizing the commercial sector of Thorold. He understood the investment potential of the city. The City of Thorold is close to the QEW as well as Highway 406 in Niagara. Due to its proximity to the highways, it has a significant potential for growth. His plan involved gutting the old buildings, and creating stunning facades to reflect the 1860s streetscape. The main floor of the new buildings contain custom commercial space, while the upper levels contain student accommodations.
A regeneration of the area
Skritch currently owns eleven buildings in the core of Thorold’s downtown area. His “Skritch Living” buildings provide student accommodations for shared residences, bachelor apartments and luxury suites - all with private en suite bathrooms. The unique environments are located within a six to ten minute drive to both Brock University and Niagara College. He’s also currently constructing a significant development for Front Street. The development is called “21 Front” and is a $4 million structure with 52 rooms with an expected move in date of July 2015. The buildings will have custom developed commercial space, including upscale eateries and salons, giving residents a reason to spend their time and money in the downtown area.
The City of Thorold’s downtown area is a great investment for a developer. There will also be a need for student housing in Niagara, as both Brock University and Niagara College continue to grow. It is estimated that by mid 2015, Thorold’s downtown will be home to over 150 students and young professionals. The city has the ability for immense growth. With an increased number of residents in the city, there is the potential for higher spending within the commercial sector. Connect with a Niagara real estate appraiser today to determine how investing in the Niagara real estate market is the right investment for you.
