A decade after purchasing the property known officially as block 68, Bancroft council has approved its sale to Gardens Acquisition Corp.
Block 68 was the former home of the IGA grocery store before it was torn down. The town says this sale is a part of their “Building Bancroft” vision. Gardens have announced they plan to build a 120 suite retirement residence on the property. The town says this represents a $25 million investment into downtown Bancroft.
The property was sold for $250,000. Gardens will be giving the town another $20,000 to help the town the Bancroft Legion move the Cenotaph monument to a spot with greater visibility. The town did not say where that spot will be but noted it will be in an area with greater visibility and allowing for larger public gatherings.
As part of the sale agreement, Gardens will have to start construction on the facility by October 2022. “It is anticipated that construction will be completed for occupancy 18 months later in the spring of 2024,” the town says.
“The sale retains the riverside under the town’s ownership to capture the existing waterfront walkway and retain the opportunity for a continuous corridor for public use on the east side of the York River,” the town adds. “The north half of Cenotaph Park will remain under the town’s ownership.”
“This is an important piece in the revitalization of our downtown,” Mayor of Bancroft Paul Jenkins says. “The ongoing construction on the site of the former Bancroft Public School, the new North Hastings Community Hub/Library and affordable housing development slated for the town’s Cleak Avenue property, and the reconstruction of Hastings Street North in 2021 is evidence that downtown is changing.”