Testing the market for a new development

by David Marsh
(Nottawa, Ontario)

We want to build the first new condominium building on the prime site in the heritage district of Collingwood, Ontario.

It will have ten units above retail space in keeping with the heritage design regulations.

It is a rare opportunity because it is one of very few possible sites for a new development in an area surrounded by classified heritage buildings. It is directly opposite town hall in the main street.

Collingwood is one of the fastest growing towns in Canada. The downtown area has been revitalised and in addition to being a four seasons tourist centre it is attracting people, who thanks to the digital revolution, are able to move out of the GTA.

To be viable we need to achieve a price per square foot never before achieved in Collingwood.

It is the first time we have been involved in a residential/retail development like this.

Before we go ahead we would like to assess the interest.

We have designed a 44 ft by 8ft high billboard (two next to each other along the fence of the street frontage of the main street) to conduct the test but we want to comply with any regulations pertaining to developments at an early stage where we have yet to get the site plan approved by the town. So we fully understand that we can not get bankable signed orders.

The key issue is to find a way to get enquires that will indicate interest in buying 3 luxury bedroom apartments from $750,000 in this unique location before we go further.

I will send a sample of the design of the billboard and my question is what are we allowed by law to say on the board. What does not comply with our design?

Comments for Testing the market for a new development

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Mar 13, 2017

by: Nick

Hey Dave,

Thanks for reaching out.

It sounds like an interesting opportunity for sure.

There are a number of things to take into account as far as the billboard (or any other advertising) for what you're looking at doing.

For something like this we would definitely get a legal opinion to make sure anything we are doing doesn't cross any lines.

That way we have someone in our corner should anything come up.

Good luck with it.

Nick

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