The wheels on the Midland Bay Landing development bus appear to be picking up steam.
The Midland Bay Landing Development Corporation has announced that a shortlist of three pre-qualified development companies have been approved to continue to the formal request for proposals stage.
The three firms successfully completing the request for pre-qualifications (RFPQ) are: Fram Building Group out of Mississauga, Barrie’s Georgian Communities, which has been involved in the Braestone development in Oro-Medonte and Gravenhurst’s MDM Developments.
While corporation chair Bill Kernohan didn’t say exactly how many companies expressed an interest, he noted the “RFPQ was widely advertised and numerous companies registered on the website for the RFPQ.”
The RFPQ selection criteria included demonstrated experience and financial capability to deliver Midland’s 40-acre waterfront redevelopment project.
“The selected developers met the criteria defined in the RFPQ for their residential experience,” Kernohan said, noting the selected developers were “evaluated against criteria and met the criteria to pre-qualify to submit a proposal for stage 2.”
As for project timelines, Kernohan said “press releases have identified the approximate timing for the process to select a developer and that timetable is being met.”
Having qualified for the second stage of the selection process, pre-qualified teams will now begin preparing proposals in response to a request for proposals (RFP) that will be issued before month’s end and is expected to close this May.
After that, RFPs will be submitted to the development corporation’s Toronto-based, real-estate advisor N. Barry Lyons Consultants, who will evaluate the proposals against the criteria defined in the RFP and recommend a developer to the corporation for approval.
From there, the corporation's board expects to recommend a preferred developer to council for approval by late June.
The preferred developer will then work in collaboration with both the development board and the town to create a mixed-use commercial and residential neighbourhood that an official release says “will transform Midland Bay Landing into a vibrant, live-work-play community that is closely connected to downtown and the trail network” while generating “significant new tax revenue.”
The plan sets aside 25% for public use, including a boardwalk and multi-use tail along the water’s edge as well as a park and plaza.
Kernohan said construction will begin on the project after planning approvals are granted and marketing of units is completed.