A bid has been accepted on a former cannery building on Lakeshore Drive, reopening the possibility of a development there.
Municipal planner Ian McIntosh said a successful bid has been received by the receiver.
He added that he expects a new development proposal to come forward as a result.
Before the building went into receivership, the previous owner had proposed using the site for two eight-storey residential buildings, over a commercial and parking building.
The zoning to allow this development was at third reading but had not been completed.
The land is in the CT-1 Tourist Commercial zone.
While details for the site are not yet available, McIntosh said there is a plan in the works.
“They do have a concept in general terms,” he said. “We have to see something more specific.”
While the new concept will include commercial and residential spaces, McIntosh does not expect it would conflict with the Wharton Street project.
“From what I understand, they will not be competing with each other. They will be complimentary,” he said.
Mayor Janice Perrino said she is pleased to see the change in ownership.
“We’re very excited about looking at the redevelopment of this property,” she said.
She said the next proposal for the site will be on a smaller scale, but will contain a mix of commercial and residential spaces.