By Tim Lambrinos
Plans are coming for a new and exciting venture that might be considered by many businesses within Emery’s BIA commercial community. This new building proposal is expected to happen this year.
David Leeming, resident and Etobicoke developer, is proposing a partnering investment concept whereby property owners can redevelop their properties and retain ownership. The redevelopment model could revitalize commercial sites within Emery’s BIA’s catchment area and consequently create business growth. Leeming notes that many business property owners have a lopsided value currently locked up in their real estate while total property assessments have progressively increased. He finds property owners generally seem to sell their properties, incur heavy capital gains taxes and don’t share in any value created by a redevelopment. His plan motivates a strategic development partner that would manage the process and finance the re-build.
“Once the redevelopment is stabilized (leased out), the development partner makes their fee and leaves the property owner with a much more valuable property that would yield much greater income and enhance the community,” said Leeming.
The specific details about Leeming’s scheduled instructive seminars, for Emery’s businesses, are too early to announce pending a presentation to Emery’s BIA Board of Management. If all goes well with the board, Leeming’s partnership details for instructive seminars (for business owners) are expected to be publicized in the Emery Village Voice newspaper in the upcoming months. His current proposal is to have this exceptional arrangement for businesses in Emery Village’s BIA catchment area.
Leeming is planning to present to Emery’s Board this year. Stay tuned for more details and invitation announcements about these information seminars in the upcoming.