Vacant buildings in downtown Sudbury could become residential units
Vacant buildings in downtown Sudbury could become residential units
A lot of buildings in downtown Sudbury are for sale, or are being sold, including a couple of bank buildings, a church and an old school.
Some could be converted into multi-unit housing, something currently needed in the city.
The Scotia Tower is listed for $6.75 million and Realtors confirm there is a conditional offer on it.
"It's an eight-story officer tower,” said Cassandra Beach of Royal Lepage Northern Heritage.
“There are multiple tenants right now but there is currently 80 per cent vacant. Last week, we received three multiple offers and the seller has chosen one that is currently conditional until April 13 and we are pending a closing date in early summer."
At this point, it's not known what the potential buyer's plans are for the tower. Realtors say many of the buildings for sale in the downtown area have the potential for a multi-residential conversion.
"We are sitting at a 2.1 vacancy rate for residential in Sudbury so there is a definitely a need for the housing a need for rental apartments," Beach said.
Sudbury Realtor Paul Kusnierczyk said the zoning downtown makes converting some of the buildings to residential use relatively straightforward.
Kusnierczyk is the listing broker on the Knox Church on Larch Street. He said a deal has been firmed up for just under $500,000.
It's expected to close in June, but plans for the building are not known at this time.
Kusnierczyk said a former school on Mackenzie Street also has the potential to become residential units.
And the former diocese building on St. Anne road is listed for $4.5 million and is being actively shown. Kusnierczyk expects some action on it shortly.
"There is all kinds of incentives that are available through the city,” he said.
“Plus all of these buildings that we just discussed are in an area where there is no development charges. Development charge free zones so there is lots of available incentives."
Both Realtors said they are currently working on some additional listings involving commercial buildings in the downtown area.
They expect them to hit the market in the coming weeks and months.
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