Over the past few years, Welland has emerged as a particularly strong industrial real estate destination in Ontario, boasting of multiple features – namely, competitive land prices, strategic location, and convenient access to international transportation – that make it attractive to large firms.
“Companies who have been moving from the GTA need a place elsewhere in Ontario, an affordable alternative with a great location and lifestyle. So that has led to a lot of attention for Welland,” according to Dan Degazio, the city’s Director of Economic Development.
“The people who have been moving here are finding this place a godsend to them,” he said. “I think in the last five to seven years, Welland transformed from a city that lost some manufacturing and was essentially on a decline, to a market that is surging thanks to multiple investments drawn in by our wealth of incentives.”
Among the most important of these are significant tax incentives and development charge waivers.
“The biggest part of our incentive programs is that they’re geared towards employment: The more employees, the better the incentive. What these programs do is that they give companies anywhere from a 40% to a 100% rebate on their city and regional taxes,” Degazio explained.
Indeed, these policies have successfully magnetized a wide assortment of firms operating in evergreen sectors.
“We have the former GE plant, which just opened up in Welland last year. We have four new food processing companies that just opened up. We also have a couple of smart manufacturing firms, roughly 20,000 square feet each,” the official added.
“We’re highly attractive to advanced manufacturing companies involved in products as diverse as locomotives, engines, generators, and other specialized components.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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