The Port Dalhousie property that's been the subject of condo tower controversy for more than a decade has a new buyer.

Located in the heart of the commercial district, the site most recently called Union Waterfront by Fortress Real Developments has been scooped up in a receivership sale.

The identity of the buyer remains under wraps.

Taylor Wilson of Colliers International, which listed the property at 16 Lock St. and 12 Lakeport Rd., said he couldn't provide any information about the buyer.

He confirmed there's a firm sale subject to the court receiving a vesting order — a process that must take place with the receiver before the buyer can close the sale. That happens later this month.

The Union Waterfront property became the subject of receivership proceedings last year. They were initiated by mortgagee FirstOntario Credit Union because of unpaid debt in excess of $10 million, according to a Superior Court of Justice commercial list document.

In August, a Superior Court appointed msi Spergel Inc. as receiver for Union Waterfront to manage the interests of the credit union and set a deadline for offers for the property at the end of November.

Speculation about what's happening with the site has been rampant in Port Dalhousie since a conditional sale sign was posted prematurely last month before the vesting order was heard.

The 0.44-hectare property has been the subject of numerous development proposals by different owners over the past 15 years.

Fortress acquired the property in 2015 after being a financier on Port Place, a 17-storey condo tower plan. It re-drew the plans, proposing a 14-storey mixed-used terraced building with 220 apartment units.

Residents were strongly in opposition or support of the plan. A public meeting with city councillors in December 2017 drew more than 240 people, with 37 speaking on either side of the issue.

City staff had been working on a report and recommendation to council about the proposal.

City manager of planning services Judy Pihach said Tuesday the Fortress application is still on the books, but staff paused work on the file when Fortress went into receivership.

"Whether the new owner chooses to pursue it or chooses abandon it and submit something else, the jury's still out because we haven't had that discussion with the new owner," she said.

Port Dalhousie's ward councillors are optimistic the sale could mean good news for the area.

"It's sat for so long, it's time to see some actual renewal in the old commercial block," Coun. Bruce Williamson said.

Coun. Carlos Garcia said he asked the city's planning department to make it clear to both the receiver and the realtor what the secondary plan approved by council allows on the property. He said he wants to ensure bidders weren't misled to think they could put up a high tower and outbid someone who is following the plan.

"I hope that this means we are going to be looking at a very nice and compatible project on that site," Garcia said.

The Port Dalhousie secondary plan and heritage district conservation district plan were adopted by council last May and provide a guide for development in the area. The secondary plan calls for the Union Waterfront property to have three storeys at the street with a step back in height to six storeys.

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Despite council's adoption of the plan, Pihach said it's not in effect at this time because it's under appeal to the Local Planning Appeal Tribunal, formerly the Ontario Municipal Board.

Karena.Walter@niagaradailies.com

905-225-1628 | @karena_standard