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Development Partners
The City of Thunder Bay signed agreements with a private development consortium that consists of Laureate Developments Ltd., Resolve Group Inc., Lombard North Group Ltd., and Double A Ventures Ltd.
The development of Prince Arthur’s Landing is expected to generate 250 direct construction jobs for each year of construction and $202 million in spending within the local economy. Once construction is complete, Prince Arthur’s Landing is expected to create 355 jobs in the broader economy and contribute $1 million a year in taxes to the City.
The private development will consist of a hotel, two condominiums, a commercial building for shops and restaurants, and redevelopment of the CN Station into hotel-related uses including a spa, restaurant, and meeting rooms.
Summary of Agreements
- Development Agreement: Sets out the City's and the Developer's responsibiliites for their respective project works.
- Purchase Agreement: Selling 2.65 acres of land on which developer will build a hotel and two condominiums. At $250,000 an acre the City will receive $662,500.
- CN Station and Commercial Leases: Leasing the CN Station for commercial uses associated with the hotel and leasing land for construction by the developer of a retail building for shops and restaurants. The leases are long term (60 years with renewal at 40 years for another 60 years). The City will receive $40,993 a year. The Developer will maintain, repair and tenant the buildings, saving the City a further $117,000 a year on its annual budget.
The document below contains a summary of the major clauses and content within the agreements. The Developer and the City will take steps to further the designs for the various elements of this development project.
| Summary Descriptions of the Four Agreements |  Adobe PDF, 10 pages, 62.1 KB |
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