New Wal-Mart being built on Cumberland Street
CORNWALL, Ontario - A new Wal-Mart is being built in Cornwall on Cumberland Street.
An official with the development company has confirmed the new facility will be a so- called “supercentre” with amenities like fresh food.
“It will be just like the ones they have in Kingston and Brockville,” said Dennis Eberhard, vice- president of development for Smart Centres.
Coun. Denis Thibault and economic development manager Marc Boileau both confirmed Tuesday morning that Wal- Mart will anchor the new development that is taking shape on Cumberland between Seventh and Ninth streets.
The city recently approved a slew of tax exemptions for the property totalling 44.5 million.
Councillors approved the tax increment savings plan for Cornwall South Investments Inc. (CSI) a division of Smart Centres, which is in the process of converting the land - formerly owned by Domtar - into a retail plaza.
CSI is looking to attract four retail stores, including a large anchor outlet ( presumably Wal-Mart) to the property.
The construction work will increase the value of the property to about $ 40 million from $3.4 million - which will also augment tax revenue to tune of about $1.6 million.
The city currently collects just $50,000 on the property.
Eberhard said construction has begun at the property, but cautioned residents aren’t likely to see steel framing go up until late spring.
It’s expected that the first stores in the 22-acre development will open in January of 2015. Wal-Mart, said Eberhard, is likely to be one of those stores.