CBS inks deal with real estate broker to market The Gateway

By Mark Squibb
November 10, 2023 Edition

The Town of Conception Bay South announced Tuesday it has hired Colliers International as the exclusive real estate broker for the Gateway.

The Town opened the Gateway back in 2011 in the hope of drawing big businesses and box stores offf Legion Road to bolster its commercial tax income. And while a few businesses, including Kent Building Supplies, Tim Hortons, Supplement King, and Wing’N It, have laid down roots there, the consensus seems to be the development has not met the expectations laid out initially.

“the Gateway development, a 130-acre regional centre of development off Legion Road, has been a significant topic of conversation and discussion for a number of years, particularly during our budget consultations,” said Mayor Darrin Bent during this week’s meeting. “Council and I fully understand our community’s concerns and desire for a larger retail landscape here in our town. It’s important to highlight that the money spent on the Gateway to date has been fully recouped and the site currently does not cost the Town. In fact, it’s a multi-million dollar land asset. But more than that, the Gateway is generating revenue from tenants and our current annual revenues from the property in business and property tax is between $100,000 and $150,000, and our future revenue projections are exceptionally favorable, certainly given that the land is an appreciating asset. Council of the day and all councils since have realized that attracting significant retail entities takes time, and they have their own plans and their own marketing strategies to guide them, and they make those decisions, not us. It’s upon us to ensure that we are in their scope of attention, and that we are open for business. Our efforts to attract business have been significantly hampered over the past three years due to COVID, and its only in the past year we’ve started to see a rebound in the economy, allowing us to refocus our attention back to the Gateway development portfolio and significantly elevate our marketing efforts… Our council has a clear goal: to reset the narrative of the Gateway. We understand that some residents have grown skeptical about the prospects of the area, however, we remain committed to fiscal responsibility and to ensuring that your patience is rewarded.”

Bent said the partnership marked a substantial leap forward in the town’s journey, and council shares residents’ eagerness to see major retailers set up shop in the Gateway.”

Bent said Colliers is a leading name in commercial real estate, and the division CBS will be working with is Colliers East, which specializes in bringing retail outlets to communities in Atlantic Canada.

Several councillors also commented on the partnership, including finance committee chairperson Deputy Mayor Andrea Gosse.

“When we were campaigning two years ago, one of the things we all talked about was the need to increase our commercial revenue,” said Gosse. “Unlike our neighbouring communities, a very small portion of our revenue is commercial revenue. So, the bulk of running this town and providing services comes from residential taxation, so it’s great to have this announcement and this partnership. We’re really optimistic about the future of the Gateway, and we look forward to growth and to increasing commercial revenue for the town, which will in turn afford council the opportunity to do lots of great things for the community.”