The coordinator of the Tecumseh BIA says she feels like a real estate agent.
Nary a day goes by that Denise Pelaccia isn’t taking phone calls from business people wanting to know what properties are available for them to launch businesses or other projects in the town.
“It’s incredible,” said Pelaccia.
“In addition to all the new businesses that are coming to our area, we also have new apartment buildings, new condo buildings, new houses being built and we also have some beautification projects going in the downtown core,” added Pelaccia, referring to two new murals planned for buildings along Tecumseh Road East near Lesperance Road.
The investment boom stems from a Community Improvement Plan (CIP) initiative the town embarked upon about five to seven years ago. It has brought more than a dozen new shops, restaurants and a micro-brewery, as well as high-rise housing developments to Tecumseh Road East between Banwell Road and Manning Road.
Kona Sushi is one of several new businesses that sprouted up along Tecumseh Road East in Tecumseh. (Dale Molnar/CBC)
Tecumseh mayor Gary McNamara said more business is on the way.
“We started out with a microbrewery and then there’s roughly about five condominium developments that are being built. There’s at least three more that are in the books,” said McNamara.
He said about $100 million has been invested so far, with the town planning a $40 million streetscaping project that will bring back on-street parking, bury overhead service lines and reduce traffic.
“We want to make it more walkable … and use active transportation in the area,” he said.
One of several new high-rise housing developments bringing more residents to downtown Tecumseh, a critical component of the revitalization plan. (Dale Molnar/CBC)
‘It was just the right time’
McNamara said the CIP came with development grants that worked as incentives.
“There were grants totalling anywhere from $5,000 to $15,000 up to and including $100,000, depending on what the project was and what their intentions were. And it really has given them that incentive to ‘let’s go and do it’,” said McNamara.
George Marar and his partner just opened the new Bourbon Tap and Grill in March. They totally transformed the former Torino restaurant into a massive bar, restaurant and lounge with live music and billiard tables.
“It was a no-brainer for us. We saw the development happening around us and we always were looking forward to getting into Tecumseh when we had the proper opportunity. It was just the right time, I guess the right place. We’d go big or go home,” said Marar.
The interior of a section of the Bourbon Tap and Grill. (Dale Molnar/CBC)
Just across the road, the Frank Brewing Co. brew pub opened up about seven years ago, and has seen the new businesses and high-rise buildings sprout up.
“I think having these new businesses in the area is certainly a positive thing. It creates a lot of new, exciting things in the area, gets people out, gets people excited to go out, and we’re happy to be a part of it,” said Melissa Ventura, office manager.
Pelaccia said BIA membership has grown from 500 to 600 in the past two years.
It’s expected the planned transformation of the downtown will come to full fruition five to seven years from now.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
