Today’s Northumberland confirmed the new owner’s of the former Brookside property in Cobourg are a development company located in Concord, Ontario.
It’s not known what will happen after the sale of the property located at 390 King Street East in Cobourg.
On Monday, December 2, 2024, Infrastructure Ontario confirmed the sale of the property which has housed a encampment since 2023.
Infrastructure Ontario confirmed to Today’s Northumberland the sale was completed at “market value.”
The property was sold to Terraco Developments Inc. who are based out of Concord, ON.
The company states on its website that they are a “leading construction development company with over 25 years of combined industry experience. We specialize in land and property development where we bring urban living to life through our innovative designs, exceptional craftsmanship, and unparalleled customer service.”
It’s unknown whether the company is originally from the United States as on their website it states, “We work closely with you to ensure that your project is in compliance with all local, state, and federal regulations and that it meets your specific needs.”
Today’s Northumberland heard that Terraco Developments Inc. was the potential buyer for the property and contacted them on November 14, 2024 at the number listed on the website.
Calling the number listed on Terraco Development’s website, the caller refused to identify himself and, although it was the correct number listed on their site, the caller stated, “you have the wrong number.”
Since then Today’s Northumberland has tried reaching out with no luck.
Infrastructure Ontario confirmed the sale closed on November 29, 2024, “and will reduce costs and generate revenue for provincial taxpayers, while enabling the property to contribute to economic development in the local community. IO followed its well-defined sales process, completing all necessary due diligence and ensuring a fair and competitive process in the sale of this property. Work towards the sale began in 2021, when the property became surplus to provincial needs.”
Infrastructure Ontario no longer has oversight of the property and the purchaser will determine the future use.
Author: Pete Fisher
Has been a photojournalist for over 30-years and have been honoured to win numerous awards for photography and writing over the years. Best selling author for the book Highway of Heroes - True Patriot Love
