CEDC Logo - (Supplied Photo)
The Thunder Bay Community Economic Development Commission (CEDC) has released a report on a study for potential usages of the Pool Six property and Tugboat Basin.
The study developed an analysis that provides the city with key insights into the economic opportunities, tourism potential, and community benefits that the lands could offer to the local economy.
In collaboration with Bain Smith Consulting and Brook McIlroy, the CEDC conducted an in-depth assessment of market demand, infrastructure needs, and economic feasibility.
The study explored multiple development scenarios, identifying opportunities that could generate tax revenue, attract new investments, and enhance the waterfront.
“As part of our ongoing commitment to driving economic growth, identifying development opportunities is a part of CEDC’s role,” said CEDC CEO, Jamie Taylor. “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 to build a more dynamic and connected community.”
The study outlined recommendations for the property, including:
- Mixed-use spaces with residential, commercial and public amenities
- Enhancing tourism assets
- Investing in essential infrastructure for long-term economic benefits
- Balancing growth with environmental responsibility
According to the CEDC, the Pool Six property could potentially generate up to $15.4 million annually in tax revenue.
Some of the development scenarios that have been identified indicate that 38 per cent of the land could be developed 44 per cent could be designated as public space, while the remaining 18 per cent could be reserved for infrastructure to support public and development uses.
The study also considered a variety of factors, including the integration of existing and planned cultural assets at Prince Arthur’s Landing, development guidelines for areas near the CN Railway lands, and the preservation of spaces for cruise ship docking and habitat pond.
The city is working towards updating Phase Two of the Waterfront Master Plan, building on the study’s insights to shape the future development of the waterfront.
For more information or to read more about the study click here.
