Following the renovation of the former Fish Market on Chatham Street in Windsor, more money is set to flow into the downtown as a new tenant buys into the block.
“You’re going to see that block really undergo a renaissance,” said Drew Dilkens, the Windsor mayor, at a news conference on Wednesday.
The Windsor-Essex Economic Development Corporation announced it has signed a 10-year lease with Cypher Systems Group for the former Beer Market building across the street. The nearby former Pour House building has also been bought by investors along with Mid-South Land Developments for just under $1 million.
“We’re looking forward to doing what we did with the other buildings so, complete exterior renovation, new roof, HVAC, electrical and opening it up for potential tenants to take a look,” said Brian Schwab of Cypher Systems Group.
Schwab along with Stephen and John Savage founded Cypher Systems Group and see renewed potential in the downtown.
The old Fish Market will soon open its doors to 150 Quicken Loans employees and the investment is seen as the catalyst to more projects of its kind.
“These are white collar jobs that are going to attract more jobs,” says John Savage.
It’s not a coincidence the investors are buying properties in close proximity, wedged between the University of Windsor’s School of Social Work and St. Clair College’s Zekelman School of Business.
The investors see a lot of potential in the area.
“We want to take care of our block and maybe other investors pick another block and they do it and I think that's how we rejuvenate downtown, one block at a time," said Brian Schwab.
Dilkens believes the presence of the university and the college in the core along with the city’s downtown incentive package play a major role in recent developments of long vacant properties.
“You're going to see that snow ball continue to happen in a very positive way in the downtown core,” said Dilkens. “Success breeds success."
The Cypher Group believes if more good jobs can be attracted to the downtown, restaurants and retail will follow – and ultimately more residential properties.
“There's a lot of pride in what Windsor was in its former glory days looking back over decades, and I think people would like to see us return to that as a city and as a core,” said Stephen Savage.
The firm first opened in 1983 on Pelissier Street.
Further potential development
A long-vacant group of buildings on University Avenue West are set for an injection of cash.
India-based AIPL Canada plans to finish restoring a nearly 240-year-old building, previously hosting a horse-drawn carriage operation and later, a trolley and bus storage facility for the old SWA Railway.
AIPL Canada is aiming to restore the property along with other buildings on site into mixed-use residential, office and retail space.
The proposed development sits right between the University of Windsor’s main and downtown campuses.
A city committee this week approved brownfield redevelopment funds to help the investors test the soil on site for contamination.
