THUNDER BAY — A new report suggests the City of Thunder Bay would gain millions of dollars in annual tax revenue if it developed the vacant parts of the Pool Six property to their full potential.
The Thunder Bay Community Economic Development Commission on Tuesday released its summary report from a best-use study of the Pool Six area and tugboat basin.
Among the options it envisions are two to five apartment or condominium buildings, one or two hotels, a conference centre, a Nordic spa and commercial space.
The study, conducted with the assistance of Bain Smith Consulting and Brook McIlroy, concluded that "with the right approach, the Pool Six property has the potential to generate up to $15.4 million annually in tax revenue...contributing to long-term economic sustainability."
The CEDC identified some key recommendations for consideration by city planners:
- mixed-use spaces combining residential, commercial and public amenities
- enhancing tourism assets
- investing in essential infrastructure for long-term economic benefits
- balancing growth with environmental responsibility
Jamie Taylor, CEO of the economic development commission, said the Pool Six area is the city's last waterfront parcel to be developed, and has the potential to have a significant impact on the city's economic health.
"Waterfront properties represent a unique and valuable asset for Thunder Bay's future. Our goal is to help foster sustainable growth by expanding the city's tax base, creating new business and employment opportunities, and leveraging our existing infrastructure."
Taylor elaborated on the recommendation for mixed-use development at Pool Six, saying "there's room for further accommodation development down at the waterfront. That could also include the development of a Nordic spa that would be included as part of a hotel development. As well, a conference centre should be explored further for feasibility, because it would help address the gap that's currently in the market...It could be a convention centre, attached to a hotel or standalone."
The authors of the study proposed allotting about 37 per cent of the total available space at Pool Six for development, 18 per cent for infrastructure, between one and five per cent for the cruise ship service area, and roughly 40 per cent for public space.
"That was a consideration, to ensure the public could still continue to enjoy that space," Taylor said. "We did allow for the perimeter to be protected if there was future trail development, to ensure there was a balanced approached."
City staff will use the report to help update their Phase 2 Waterfront Master Plan.
"The study highlights the incredible potential of the Pool Six lands to drive growth, attract investment and expand Thunder Bay's vibrant waterfront" said Kerri Marshall, commissioner of growth for the city.
