Coves condo deal nearing completion

03/29/2007

The Brantford developer says the plan offers the first "legitimate" public access to the area.

JOE BELANGER, SUN MEDIA
The LONDON FREE PRESS

A deal to build condominiums on the site of a former paint factory overlooking one of London's ecological and recreational gems could be done within weeks.

Brantford-based developer King and Benton is awaiting results of final soil tests before closing the deal with Minnesota-based Valspar Industries to buy more than 28 hectares at The Coves.

"I hope we'll be going to the public shortly with our plans," said Steve Charest, president of King and Benton.

"But the deal doesn't close until we're satisfied with the results of our final round of testing."

Charest said if test results are good, the deal could close within two weeks.

The company has met with community groups, city and provincial officials to reach agreement on the extent of a residential development.

Part of the land would be returned to its natural state.

But a key component would be providing the public its first "legitimate" access to the Coves, which is surrounded by privately owned land.

For environmentalists and neighbours, the Duke Street paint plant -- located off Springbank Drive near the idyllic, wooded flood plain -- has long been considered a thorn among roses.

The Coves are a series of landlocked ponds or lakes that once were part of a meandering Thames River.

Valspar bought the plant and adjacent orchard in 2000 and closed it a year later.

King and Benton specialize in developing so-called "brownfields," a term used to describe former industrial or commercial sites.

"This is one of the largest and most challenging brownfields in Ontario and, if everything goes well, we're hoping to do more business in London," Charest said.

"We've been treated very well by city officials, the neighbours, everyone."

Charest said the company hopes to use about eight hectares for low-rise condominiums, leaving the balance "for community enjoyment."

Overcoming constraints imposed by the flood plain will be the major obstacle, Charest has said.

A few years ago, Friends of the Coves got funding for a two-year study of the Coves subwatershed -- a 700-hectare, low-lying drainage area south of Springbank Drive and west of Wharncliffe Road.

The city has designated the Coves an environmentally significant area, so changing the landscape would require an environmental impact study.