The Thunder Bay Country Club and its condo development has a new owner after being purchased for an undisclosed amount by Di Gregorio Developments.
Construction of the condo development started a decade ago however, after several issues, it stalled out. But residents shouldn’t expect work to pick up any time soon. Company president Silvio Di Gregorio says there are no immediate construction plans.
“We will take a year or two to review all the drawings all the costing, all the work that has been done and come up with a development plan going forward. But we’re in no hurry, except that we intend to go in an protect what has been built already.”
What has been built so far is quite extensive with three underground levels, two designated as a parking structure and the third, located below the parking area, for storage.
While initially planned as condos, with just those areas established there are quite a few options according to Di Gregorio, including turning it into a hotel, apartments or even an office building.
“You can do whatever you wanted, but whatever you are going to do has to make sense from a financial prospect. The costs cannot be higher than the sale price, and in the last couple of years the cost of constructing has gone absolutely through the roof and it may have to wait until the costs com back in line.”
This isn’t Di Gregorio Developments first foray into the realm of golf course ownership. The company had previously purchases the Municipal Golf Course out on Rosslyn Road, with plans of turning it into a resort. However Di Gregorio says they are still waiting for permitting and approvals from the province, as the land is considered ‘parkland’ and before any changes in use of the property can be made, and order of cabinet is required.
“We applied for that by making a request to the MNR here to do the review, and prepare to see whether they were prepared to make a change of use permit on that property, and it really hasn’t gone anywhere yet its still under review at the local office.”
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