An argument that owning the land on which Bayside Mall rests will make it easier for Seasons Retirement Communities to secure any necessary financing for a $40 million investment has been won—leading to the $1 million sale of the downtown property.
Under terms of a deal agreed to by City Council, 300 underground paid parking spaces will remain available to the public.
The City will also keep a parcel at the corner of Vidal and George for a future transit terminal.
Seasons plans to tear down part of the Bayside Mall building, putting a 12-story retirement home in its place. There will also be a pedestrian walkway on Lochiel Street.
There are also plans for commercial and retail space.
Under the deal reached, the City will have an option to buy back the land for $850,000 if the project does not go through after three years.