The Cochrane District Services Board has completed the sale of 1800 Riverside Drive in Timmins for $13.8 million, concluding a 19-month ownership period that began with ambitions for a homelessness and addiction treatment hub and ended with a projected $2.9 million surplus. The property, which includes a 100-plus-room building, two adjacent vacant parcels and chattels, was purchased in December 2024 for $11.45 million. The board had intended to develop a Homelessness, Addiction, Recovery and Treatment Hub at the site, but funding for that initiative was never secured. Shift in plans With HART Hub funding not forthcoming, the board applied sound risk management principles and reviewed alternative uses, including the possibility of repurposing the facility as a seniors residence or selling it to recover investments. According to a news release July 30, throughout the ownership period, the board remained open to potential offers for the property, a process it said is consistent with the approach taken for all properties owned by the CDSB. Speaking with CTV News later in the day Thursday, CDSB Chief Administrative Officer Brian Marks explained that the board had always contemplated multiple pathways for the site. “All the while, under every option, there was always the opportunity to investigate or entertain a purchase and sale agreement as we do with all of our properties,” Marks said. He noted that interest from potential buyers intensified as the Timmins hotel market strengthened. “Given the hotel market in the city of Timmins these days, it got to a point where those who were expressing interest and the offers that were on the table just became too great to ignore,” Marks said. “So, we explored those while we also continued to explore the redevelopment into seniors housing.” Financial outcome The property will return to hotel operations under its new owner, an operator from the Barrie-area, whose core business is hospitality. “I think it’s available today for hotel purposes under the new ownership,” Marks said. Mark also confirmed that evacuees from Kashechewan First Nation remain at the facility until they are able to return to their community. Use of surplus According to the CDSB, the sale price, combined with revenues generated during the ownership period, has resulted in a projected net gain of $2.9 million. During the time the board held the property, the facility remained partially operational, generating revenue through event and short-term rentals. The board also completed feasibility work, upgrades and construction to install a new elevator to support the possible creation of seniors housing. The proceeds from the sale will be transferred to reserves to support new affordable housing development within the Cochrane District, subject to board approval. “For now it will be put in reserve because based on the mandate of our property development corporation, which is operationalized through the local housing corporation, we do have a mandate to develop affordable housing or generate revenue to be invested in the development of affordable housing,” Marks said. He added that the board has other projects in early stages, including four one-bedroom duplexes under construction in Timmins and a supportive housing six-plex in Hearst. The CDSB is also working to secure funding for a 62-bed seniors apartment complex on Sterling Avenue in Timmins. “In order to get those projects to a place where they are seriously considered by the province and the federal governments, typically entities have to invest some pre-development costs,” Marks said. “I could see the funding being used for those purposes throughout the Cochrane District.” The board has committed to providing a public financial summary once all expenditures and revenues between December 2024 and July 2026 have been actualized. With files from CTVNorthernOntario.ca anchor Marina Moore
