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The Loretto development site sits on a 7.5 acre parcel of land east of the Horseshoe Falls, north of the Marriot Fallsview and across the street from the Scotia Bank Convention Centre. The proposed development site is one of the last parcels of developable land along the Falls. The city council approved Master Plan sees three separate tower sized buildings constructed on the site offering potential for both condominium and hotel units.
When the Loretto Fallsview is built, it's main building will be the tallest building in Niagara Falls, surpassing the Hilton's 53 storeys by four.
Historical Features of the Loretto Site
The Loretto Fallsview development site borrows it's name from the storied history of Niagara's Loretto Academy. The academy first opened inside a former inn aptly named the Canada House in 1861 and was run by the Institute of the Blessed Virgin Mary, also known as the Loretto Sisters. By selling off a portion of land to Canada Southern railroad, the sisters of the academy were able to have new buildings built on the property. A disasterous fire in 1938 also required new structures to be built upon the historical site. The Academy officialy closed in 1981 and transitioned into the Loretto Christain Life Centre, operating until 2005. In 2006 the land and it's historical buildings were sold to Romzap and in 2009 they started the rezoning, official plan amendment and development process.
The concept model brought to council in 2009 sees the 154 year old Loretto building preserved, a 57-storey hotel would be built around.
The Loretto Fallsview Development Stats
Three towers will be constructed on the site, the North, Central and South. Within the design criteria the historic Loretto building is preserved and the sites mature green area at the east side of the falls is maintained. Each tower is set to be constructed back from the Niagara escarpment to maintain the park like setting.
North Tower
The North Tower can be built as a hotel at 42 storeys with 690 units or as a condominium at 40 storeys with 300 units.
Central Tower
The Central Tower will be built with the historic Loretto building and is approved as a 57 storey hotel with 800 suites and 537 parking spaces.
South Tower
The South Tower can also be built as a condominium or a hotel. The Condo project is approved at 32 storeys with 230 units and the hotel project is also approved at 32 storeys but with 484 units.
The property owners are currently seeking a master developer/investor for the world class site. In early reports surrounding the site, owners noted that development would be based on economic viability and timing. To read more about proposed hotel and condominium projects in the Niagara Falls tourist district click here. If you are interested in learning the value of your niagara hospitality or tourism property connect with a Niagara real estate appraiser today.
