The Town of Bracebridge has purchased the Timber Mart property at 10 Entrance Drive for $3 million.

“This purchase is one that Council felt was necessary in order to secure the future of this significant waterfront property in the core of our community,” said Mayor Graydon Smith at the announcement Wednesday morning.

The town first inquired about the 4.12 acres property back in 2008 when community input at the Town’s strategic planning process identified the site as an integral part  of the Downtown. The plan acknowledged that the community’s ownership of the property was crucial for the future growth of the Downtown and the surrounding area.

The town has been discussing purchasing the property with owners Ted Minty and Dennis Doidge since 2015.

“Acquiring this site is another initiative by Town Council to support the development of an even more vibrant and prosperous Downtown,” said Smith.

The purchase agreement will see the town take ownership on June 1, 2017.

For the immediate future, the Town will lease the property back to Timber Mart for the next two to five years, until it finds a suitable new location.

“We feel it is a win-win opportunity for both the Town and Bracebridge Timber Mart. The Town acquires ownership of the property and Timber Mart continues to lease this site back until we find a suitable new location,” said Ted Minty of Bracebridge Timber Mart.

The town’s economic development manager indicated that allowing Timber Mart to lease the site will be beneficial for the town.

“The town will need time to determine appropriate future use(s) for this site and having Timber Mart on the site will ensure this important business will remain a key component of Bracebridge’s economy,” said Randy Mattice.

The acquisition of the property will provide a link between the downtown, the water-front parks and trails along Bracebridge Bay and Woodchester Villia.

“The acquisition of this incredible piece of property by the Town will create an integral link between the Downtown and Bracebridge’s unique tourism attractions and will help support the many businesses located in the vibrant heart of Muskoka,” said Lindsay Alexander, President of the Bracebridge Business Improvement Area.

Funding for the acquisition has been included in the 2017 Municipal Budget and Business Plan and will not impact future budgets, the town said.

The town will seeking the public’s input for the future of the site when it launches a community based strategic planning process later this year.

After that is complete, a Downtown Master Planning process is expected for 2018 or 2019. It will include more in-depth dialogue about what the community has expressed as uses for the property.

- With a report from CTV Barrie's Brandon Rowe.