Former Timken Property Sold for Redevelopment
The St. Thomas Economic Development Corporation (EDC) is pleased to announce that one of the City’s key properties has been sold to Talbot Development, ULC. The nearly 20-acre parcel is located at Talbot Street and First Avenue, one of the busiest intersections in St. Thomas. The site at 1055 Talbot Street has been vacant since the closure of Timken Canada several years ago and this sale puts it in the hands of a company with ambitious goals for redevelopment.
Talbot Development’s Michael Kam says “We are very excited about the potential for this property. We see this as a real chance to do something special in a great community and the opportunities are virtually endless as to what could develop there.” The company went on to say that they are in the process of listening to development ideas and working with potential tenants for the site.
St. Thomas Mayor Heather Jackson was pleased to hear that the property had sold, saying that “This is further proof that St. Thomas is alive and well as we continue to attract investors and companies who see real growth potential in our City.” City officials are working with Talbot Development to ensure that the site can be developed in a reasonable time period and in a way that makes sense for this important location in the City.
The company is already in the building preparing it for demolition as the timelines on the project are aggressive and they expect to have a clear and clean site by early 2017. While this is happening, Talbot Development is working in the background and marketing it with the expectation that the property will become one of the top development sites in Southwestern Ontario as the uses change to better match those surrounding it.
Randy Fisher, from CBRE Limited, says “As the Realtors for Talbot Development we look forward to contributing to the success of this redevelopment and repurposing of the former Timken property, consisting of approximately 20 acres, located in the heart of St. Thomas. With its premier location and design build construction, the site will have broad appeal to users currently in the community as well as new users looking to locate in St. Thomas.”
EDC President Dennis Broome said “This has the potential to be huge. That property sees more traffic than anywhere else in the City and I expect that there will be a number of companies looking to capitalize on that exposure.”
The sale of this property marks another turning point as the City continues to attract positive attention from investors and developers alike.
For further information, please contact:
Talbot Development, ULC