Waterfront developer secured.

PARRY SOUND - At the bargain-basement price of just one dollar, one would think that 10 acres of prime waterfront property on Georgian Bay, in the heart of this community, would have been snapped up when it first went on the market almost 10 years ago.

One thing prevented the sale. For decades the property was the site of huge storage tanks for Shell Oil products. The strict conditions for a purchaser include assuming any, and all, responsibility and cost for cleanup of the property.

Late last month the Town of Parry Sound revealed that a buyer had been found for the land. The new owner's plans for the site will fit nicely into the town's plan for the waterfront, chief administrative officer Rob Mens says.

"This is the first major private-sector development for the Town of Parry Sound in years," says Mens.

"For it to be a major residential development on the waterfront is a dream come true. This will definitely lead to more development in the Parry Sound area."

Mens believes it will cost about $750,000 to complete the environmental cleanup of the Shell Oil property.

At press time, the name of the developer, was still being kept under wraps. James Ball, a Parry Sound accountant who has worked with developers in the past, is the local coordinator for the project.

Ball says the development could consist of just over 200 condominiums and some commercial components, like boutiques, when it is complete.

"The residential units will be geared toward retiring baby boomers and will consist of one-, two- and three-bedroom residences," says Ball.

"The pricing of the units hasn't been set yet, but I can say the retail price will be competitive with the marketplace. The design and decor will be factors in the price."

The environmental cleanup of the 10 acre site is expected to begin in the spring of next year, with construction starting in the fall, Ball says.

"The best case scenario is that we will have people living in the units by the summer of 2003, as long as nothing slows us down," Ball says.

"We don't anticipate any problems marketing the development. The only thing that might slow us down in the marketing end is that Parry Sound isn't highest profile of locations. There are similar developments underway in places like Midland and Penetang, but those projects might help us in the long run, too."

The town is on side and has agreed to help out in the marketing plan, Ball adds.

"The developer is very excited about the project. Anyone who has been to the site, walked through it and seen the potential, agrees it seems like a no-brainer. We are going ahead full bore with our plans and we're hoping that nothing will hold things up."