Land will change hands in a downtown redevelopment deal announced Tuesday by the Town of Sidney.
Mayor Larry Cross said the Town and Sidney Waterfront Partnership have signed a memorandum of understanding that would set in motion the eventual redevelopment of Seaport Place East. The property to the north of the Sidney Pier Hotel and Shaw Ocean Discovery Centre is currently vacant.
Sidney Waterfront Partnership (SWP) is proposing a two-story condominium building on the site with commercial space on the bottom floor.
In the deal with the Town, which holds the lease on the property, Cross said land will transfer between the two parties. The municipality will receive property on the waterfront side that they intend to use for an expansion of Beacon Park. SWP will get the current parking area and other existing property next to the Sidney Marina and additional commercial space that the company already owns.
The next step, said Cross, will be the rezoning of the property and public open houses on the redevelopment plan.
“I would encourage everyone to stay tuned,” said the mayor. “We’re very excited to see something happening. It’s dead space for our town right now.”