After a seven-year legal process, the Town of Ajax has secured the right to bring key Ajax Plaza properties associated with the former Central Park Ajax development into public ownership.
On July 28, the Court of Appeal for Ontario denied a leave to appeal from another mortgage holder, clearing the way for the town to purchase the associated properties from the receiver.
The properties include the parking lot originally intended as the primary site for a condominium development, three plaza buildings identified for utility lands, and four additional plaza buildings.
“This outcome reflects the persistence, professionalism and determination of town staff over many years. Securing these lands is a significant achievement for Ajax and creates an important opportunity to advance redevelopment that will transform the downtown for generations to come,” said Shane Baker, Ajax Chief Administrative Officer (CAO).
Outstanding Dues
As part of the transaction, the town is expected to recover outstanding property taxes, amounts owing under the mortgage and other charges. The total amount of these dues was not disclosed.
The town also retained $1.4 million in mortgage proceeds from the original agreement with LeMine Group which will be used to help offset the purchase price.
Upon completion of the sale, a full accounting, including the final purchase price and all financial details, will be reported to a future council meeting, said a town statement.
Future Planning
The visioning process and future marketing of the lands will be considered during the next term of council. This will include the process of identifying an experienced and reputable development partner to help realize the long-term vision for Ajax Plaza. Further details will be shared at that time.
The town will also be engaging with existing leaseholders and other businesses in the area as this work moves forward, the statement said.
Dedicated Web Page
Residents and businesses will be able to follow the next steps through a dedicated project webpage, which will launch shortly and include a complete timeline of the project to date.
“This is an important step forward for the future of Ajax Plaza and our downtown. After years of uncertainty, the town is now in a position to take a thoughtful and responsible approach to these lands, with a focus on long-term public benefit and downtown revitalization. This milestone builds on a longstanding commitment shared by the current council and previous councils to strengthen our downtown and create lasting value for residents,” said Ajax Mayor Shaun Collier.
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