A group of Chinese investors, including the government, are planning to invest a total of $1 billion into a proposed new Canadian real estate development in Niagara Falls, Ont., in what could be the largest Chinese investment in Canadian history.
The group has already purchased land just southwest of the Thundering Waters Golf Club, which is at 6000 Marineland Parkway, near the intersection of Portage Road and Stanley Avenue, said Niagara Falls Treasurer and acting Chief Administrative Officer Todd Harrison.
Details of the residential and commercial project are still somewhat sketchy, as it’s still in the early planning stages. But the discussions are serious enough that Niagara Falls Mayor Jim Diodati, together with Chief Administrative Officer Ken Todd and Business Development Director Serge Felicetti, flew to Beijing Thursday for a week-long trip to iron out an agreement.
An announcement is expected next week, Harrison said.“They’re going there to meet with the investors that are putting together this project,” he said.
Other high-level Ontario and Chinese politicians are also expected to participate, including Ontario Premier Kathleen Wynne, who is also in China. “They will be meeting with her and meeting with the investors for the announcement,” Harrison said. “This has been a sensitive issue that the mayor, the CAO and the economic development director have been working on.”
He didn’t know how much property has been bought, but the Niagara Falls Review, citing Diodati, said it’s about 450 acres and would represent the biggest Chinese investment in Canadian history. The Chinese government portion alone would be about $100 million, both Harrison and the Review said.
Tentative plans for the project call for a village concept with a mixture of residential homes, restaurants, entertainment facilities and other components, according to the Review. A significant portion of the land consists of wetlands that would be protected.