Stop the Presses! Deal Reached on Peterborough Site!

Bill and I are proud to announce that we have successfully negotiated a conditional agreement to sell the former Eastern Pentecostal Bible College to the Peterborough Housing Corporation. There has been a lot of interest in this property since we listed it on behalf of the owners, and we are pleased that we have reached an agreement with such a well respected local organization.

This process has been very rewarding for us on a professional level and we thank our clients, Master's College and Seminary and the Peterborough Housing Corporation for allowing us to contribute.

PRESS RELEASE:
August 25, 2009

Master’s College and Seminary, formerly Eastern Pentecostal Bible College has reached a conditional agreement to sell its former residential campus at 780 Argyle Street to the Peterborough Housing Corporation (PHC). The Argyle Street property is a 114,000 square foot facility on 6.3 acres located on the west side of George Street adjacent to Pioneer Park, north of Parkhill Road. Master’s College and Seminary is pleased that Peterborough Housing Corporation will now breath new life into the complex. Bill Pyle and Doug Lytle of Century 21 United Realty have partnered with both Master’s and the PHC in order to create this unique community initiative.

Peterborough Housing Corporation has a vision to create an intergenerational centre in this outstanding facility. The property will be used to create approximately 90 units of supportive housing units for seniors with the balance of the space reserved for public-service uses such as a day nursery or health facility. The facility is large and so PHC will use approximately 80,000 – 90,000 sq ft of floor space to create the residential housing units for seniors. The residential units are intended to be a mix of affordable and market priced units, with the balance of the floor space devoted to a community partner(s). The objective is to create a truly rich neighbourhood asset.

PHC has submitted a proposal to the Housing Division of the City of Peterborough for Federal- Provincial funding under the Affordable Housing Program. PHC has been instrumental in partnering with agencies that can bring operational support to the living experience of seniors, as demonstrated by PHC’s newest project in Lakefield where Community Care will be locating its offices on the site.

It is the intention of the Peterborough Housing Corporation to hold an information/open house meeting for the neighbourhood in the beginning of September. The proposed uses for 780 Argyle Street will ensure that this landmark site and quality educational and residential facility will continue to serve the community for many years to come.

Edit:
Story is being picked up by the media:
Peterborough This Week
The Peterborough Examiner

4 comments:

Lisa Witherington,  August 26, 2009 at 3:55 PM  

That is very exciting news Doug. Congratulations to you and your partner!!!

Dianne,  August 26, 2009 at 3:55 PM  

congrat's Doug ~ let's hope it sticks

Ted Wiggins,  August 26, 2009 at 3:55 PM  

Way to go Doug! Good work, you guys deserve it!!

Doug Lytle August 26, 2009 at 3:56 PM  

Thanks guys! Pretty sure this one will happen - the fact that the buyer and seller did a press release speaks to their confidence in it.

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