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Located to the west of the Stanley Avenue Business Park in the south end of the City of Niagara Falls is a hub of residential and commercial activity. The Niagara real estate market is experiencing growth in both its commercial and residential markets. The south end of Niagara Falls provides a desirable location for developers, due to its close proximity to the United States market and major Canadian markets. The area of Oakwood Drive and McLeod Road is in a state of ongoing development, in the residential and commercial sectors. With new commercial activity and the Imagine community, the major residential development south of McLeod Road, the location will be a key area for investments for the foreseeable future.
Creating a demand for housing and services
When I previously outlined the Imagine community, I spoke about the investment potential of Niagara. It's strategic location provides investors and developers with access to Canadian markets, U.S. markets, and with access to several airports and the St. Lawrence Seaway system, it also provides access to international markets. This leads to higher interest in the area and more development.
Development in the residential and commercial sectors go hand in hand. When there is more housing, there is a demand for more accessible services and when there are more businesses, the demand for housing is higher.
Commercial activity
The area of Oakwod Drive and McLeod Road has been experiencing commercial activity. Oakwood Drive features a mix of industrial and commercial properties, with the south end across McLeod Road featuring automobile dealership and service properties, single family housing and a new SmartCentres large format retail development, with Walmart as the anchor tenant. The area also include the Niagara Square shopping centre, Lowes, and the McBain YMCA Community Centre. The area provides excellent commercial exposure for the properties due to its close proximity to the QEW.
Commercial properties in the area are also expanding and investing in the community. Criveller, an international company that specializes in high quality stainless steel tanks, wine processing, and bottling equipment, underwent a $1.2 million expansion in 2013 to accommodate the large-scale wine making equipment that the company produces for wineries in throughout North America. Although the company has offices in Europe and the United States, the Niagara Falls site remains the company's headquarters.
The Empire residential development
The Imagine community is a planned 1,100 home community, complete with nature trails, park, an amphitheater and a fitness centre. It will feature large and small single-family detached homes, townhouses, condominiums and apartments, as well as a retirement village. Prices for the community start at $189,990 for townhouses and $214,990 for detached homes. For more information on the development, click here.
The residential community will also have the 50-acre Warren Woods Energy Business Park, which will be an area entirely dedicated to energy related businesses. With residential and commercial activity focused in along McLeod Road and Oakwood Drive, the area will offer significant development potential over the long term.
