June 12, 2017

Skyline has a deal in place to sell 334-hectare property to Milborne Real Estate

Andrew Mendler reported in the Midland Mirror that Skyline Investments has finally pulled the plug on its Port McNicoll project, after years of doing little to nothing with the waterfront property.

Skyline’s property consists of partially-built homes, empty lots and undeveloped land. – Ian Burns photo

The Toronto-based development firm, which purchased the property in 2006, has a deal in place to sell all 334 hectares to Toronto-based Milborne Real Estate.

Last week, Skyline’s senior vice-president of development, Paul Mondell, met with Tay Township Mayor Scott Warnock and several other municipal officials.

“It was more or less just to give us a heads up that this (sale) was coming,” said Warnock. “(The sale) has been rumoured for quite a while in the community. I think that is why, when the deal was finally put in place, Skyline came and met with us personally.”

After purchasing the property spanning 11 kilometres of the Georgian Bay shoreline 11 years ago, Skyline’s initial project plan included building more than 1,400 homes, a yacht club and marina, retail shops and entertainment facilities.

Even though designs were drawn up and approvals were all in place, little work was carried out on the property, which now consists of partially constructed homes, empty lots and undeveloped land.

The fate of this undeveloped waterfront is now in the hands of Milborne Real Estate.

“It will be 60 days until the deal closes and then we will see where we go from there,” said Warnock.

“It’s my understanding, (although I’ve) not met anybody from the potential new owner, that they are looking at moving the project forward in a very quick and timely manner.”

The SS Keewatin, which was purchased by Skyline and brought back to the Port McNicoll harbour in 2011, is apparently not part of the sale. Warnock said details surrounding the ship still have to be dealt with.

“The ship has not been sold. It is not part of the transaction,” said Warnock. “That particular arrangement will be worked out between the new owner and the people who are involved with the SS Keewatin.”

Warnock said he expects the municipality to get in touch with Milborne Real Estate representatives after the sale officially closes.