Project Profile: Expropriation Appraisal
Compensation arising from the Expropriation of a Boathouse on Gravenhurst Bay (now "Muskoka Wharf")
In 2008, gsi was retained by landowners in the Town of Gravenhurst to appraise the market value of a boathouse on Gravenhurst Bay that had been expropriated by the Town of Gravenhurst in order to facilitate the redevelopment of the Bay, which is now known as "Muskoka Wharf".
Muskoka Wharf is a new mixed-use development and tourist attraction.
As a result of gsi's analysis, it was determined that redevelopment potential in Gravenhurst Bay existed well before the plans for the Muskoka Wharf development and the associated expropriation. Therefore, the value of the boathouse/waterlot was significant given its location within a major redevelopment area. Furthermore, zoning ordinances prohibited the construction of new boathouses in surrounding areas. This zoning restriction had the influence of increasing the market value of existing boathouses.
As a result of gsi's efforts, as well as those of the law firm Rueter Scargall Bennett LLP, the landowners were able to negotiate a settlement of $185,000 for their property at the Board of Negotiation, as opposed to the Town's initial offer of $73,000.
Type of Assignment / Service Areas Sourced