The Davis Tannery was one of the final assets in a portfolio being disassembled and sold individually through our firm. The City of Kingston retained a First Option to Purchase on the property and had been unsuccessful in previous efforts to seek development proposals for it. A large parcel of land with significant water frontage on the Cataraqui River, the property had potential for development, but a tannery was historically operated on the property and the lands remained contaminated/unremediated. It was, however, within the City’s current Community Improvement Project – (CIP/Brownfields) areas, which allows for provision of “tax assistance, grants or loans to assist in the rehabilitation of lands and/or buildings within the defined Community Improvement Project Area.”
Cushman & Wakefield Kingston worked with both the seller and the buyer - a local developer - to overcome the challenges of getting the City to waive its option and negotiating a fair market value for the lands.
Cushman & Wakefield Kingston mediated an agreement with the City to waive its option and a successful sale transaction was then negotiated with the buyer for the lands.