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Township sells strip mall property for $10.75 million

January 24, 2018   ·   0 Comments

By Mark Pavilons

King Township has sold its current municipal office and strip plaza for almost $11 million.
Councillors approved the deal Monday night. Zancor Homes (King Cort) Ltd. will pay $10.75 million for the property at 2075 King Road in King City.
The Township will remain in the building until the new municipal office building is finished.
The sale price will cover the lion’s share of the estimated $13 million price tag to build the new municipal complex.
The property was put up for sale Sept. 11, 2017 and offers were accepted until Nov. 6. Staff reported there was considerable interest in the property, with bids ranging from $7 million to Zancor’s winning bid.
Aside from the price, this deal meets the Township’s goals and recommendations for this property.
Dubbed “Project MOVE,” the new town hall will cost a total of $21.5 million, when all related administrative and study costs are tallied. The construction cost of $13.1 million includes a 6,000-square-foot gymnasium, as well as 3,000 square feet of office space to be leased to York Regional Police.
Financing for the new building not only gets the $10.75 million shot in the arm, but will receive $1.5 million from development charges, and a $1 million capital cost contribution from York Regional Police.
Staff aims to look for costs savings throughout the project. In the end, it’s projected the municipality may only go into debt by roughly $4 million.
In the end, the Township will benefit from the redevelopment of the current property, which will revitalize King City’s core area. The property can be used for residential and commercial development.

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