Wasaga Beach parts ways with developer on multi-million-dollar redevelopment project
The Town of Wasaga Beach has yet another hiccup in its multi-million-dollar plan to redevelop its iconic beachfront as it announced Thursday it is parting ways with FRAM Building Group and will explore options for a new developer to take over the project.
During a council meeting on Thursday, the Town said negotiations with FRAM had ended after the two sides couldn't reach a financial agreement that aligned with its expectations.
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Key sticking points included disagreements over land value and project phasing with Beach Area 2.
The Town stressed that the two sides parted ways amicably and that the door would remain open to work with FRAM in the future.
The search for a developer for the beachfront project has hit its fair share of speed bumps over recent years.
In 2019, FRAM was chosen to develop the land but later announced it would not be part of the multi-million-dollar undertaking, effectively setting the project in limbo.
In 2022, the Town began negotiations with another developer, Bayloc Developments Inc., but, in the end, that partnership was terminated after the two sides couldn't reach an agreement on the project's timeline.
The following year, the Town brought FRAM back on board to spearhead the project.
Despite the latest setback, the mayor said the Town is confident they will have shovels in the ground by next spring.
A new Request for Proposal posted on the Town's website will remain open for 28 days. The Town hopes to have a new developer at the table before Christmas.
Meanwhile, Wasaga Beach is moving forward with Sunray Group, an award-winning hotelier whom the Town signed a Letter of Intent with on Thursday to bring a premium hotel, with floor retail and commercial uses to the beachfront.
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