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Here is how the deal is structured:

• The property is encompassed by 1st and 3rd Streets, between Mosley Street and Beach Drive.
• The agreement is broken into five phases. For the first phase, Stonebridge will pay more than $2.3 million, though payments won’t be made until the residential units — which the company intends to begin building on spec in the spring — are sold off. The first phase will be approximately 20 or more units of the 160-plus units that are planned for the development.
• The town will also receive a deposit of $100,000, to be applied to the demolition costs of the buildings currently on the property.
• For future phases, Stonebridge will pay a percentage of the purchase price up front, with the difference paid as units sell. The number of units, and the exact size of each parcel in subsequent phases, may shift as the project advances.
• The structure of the payments for development charges is the same as the structure of the purchase price of the land, with Stonebridge not expected to pay development charges for homes built during Phase 1 until the sale of a unit is closed. The company will be paying full development charges, according to municipal staff.
• Under the terms of the agreement, Stonebridge will have a year after the completion of each phase to give notice to the town that it will move onto the next phase
• The town’s parking lots will be retained until Stonebridge is ready to move onto those particular parts of the property, with the company leasing the lands back to the municipality for a nominal fee of $1 annually.
• The company has also agreed to paying one-third of the cost to rebuild 1st Street, along with a plaque that acknowledges , a parkette on the northwest corner of Mosley and 1st Street that honours the reeve of the Village of Wasaga Beach’s first council, Anthony Beck.

The property is only part of the town-owned commercial lands at Beach Area One. The municipality recently signed a letter of understanding with Sunray Group for the area between Spruce and 1st streets.

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“This (the agreement with Stonebridge) is a good deal for Wasaga Beach that will inject new life into our downtown commercial area at Beach Area One — inspired by the success of mixed-use, master-planned destinations like the Village at Blue Mountain,” said Mayor Brian Smith. “The town also continues working with the award-winning Sunray Group of Hotels to bring a premium hotel to Beach Area One.”