Project Profile: Expropriation Appraisal
Compensation arising from the Expropriation of numerous properties along Colborne Street in the City of Brantford in support of a City renewal strategy
In 2010, gsi was retained by Rueter Scargall Bennett LLP on behalf of the property owner, to appraise nine properties on the south side of Colborne Street in the City of Brantford.
The appraisal was required as a result of the expropriation of the subject properties by the City of Brantford, who acquired some 40 properties on the south side of Colborne Street for the purpose of renewing and redeveloping the City's downtown area.
The subject properties consisted of mainly two and three storey mixed-use commercial buildings with ground floor retail uses and upper level apartment use. The buildings were at the end of their economic life, and their income-generating potential was limited. Highest and best use in this instance was considered to be redevelopment. Redevelopment plans proposed a YMCA facility, a municipal administration building, a hotel, and high-density residential buildings, with ground floor retail and office uses.
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