NEW LIFE FOR DORWIN PLAZA
Investors to spend $2M on shopping centre
Dorwin Plaza, a crumbling shopping landmark in the heart of Windsor, has new owners who are promising to spend $2 million in renovations and feature new tenants who will bring the sleepy commercial centre back to life.
Local realtor Albert Kantarjian of Coldwell Banker said he represents three local investors who have finalized a $2.1-million purchase of the plaza from a Toronto investor who was unable to rejuvenate the centre.
“We are going to bring it back to life,” he said. “The biggest thing that will make this work is that we will make it look like a brand new building.”
Kantarjian expects renovations to Dorwin Plaza will begin in January.
“We will give it a nice facelift, new roof and we will resurface the parking lot,” he said.
The new owners agreed to initially offer discounted rental rates and have zeroed in on the medical field.
Kantarjian has already worked to secure a half-dozen tenants that include a pharmacy, walk-in clinic, optometrist, chiropractor and dentist at the 75,000 squarefoot commercial centre.
The few existing tenants still located at the plaza will remain — among them are Service Ontario, Refresh Day Spa and Honey Bee Ham Co.
“Our (ownership) group is younger and we see the potential there,” Kantarjian said. “We anticipate by the end of 2018 it will be at least 50 to 60 per cent occupied.
“The long-term goal is full occupancy and then start to tackle development at the back of the building.”
The shopping plaza and parking lot take up roughly half of the 14acre property.
One day, the group envisions converting the remaining seven acres — currently an open field behind the shopping centre — into a mix of townhouse or condominium structures primary designed to accommodate seniors for retirement living, Kantarjian said.
That is a primary reason why the focus has been on filling Dorwin Plaza with an abundance of tenants in the health-care sector, he said.
“This is definitely going to be for real,” Kantarjian said. “The owners are putting a lot of money into this to back it up. There will definitely be changes to the eyesore that is there now and it will be turned into a beautiful place.”
Coun. Rino Bortolin, who represents neighbourhoods nearby in the city’s core, called the change of ownership of Dorwin Plaza “great news.”
“It’s been largely vacant for quite some time,” he said. “It’s in an area that is a connector between the core area and South Windsor, but it’s been a big hole. This helps fill the hole and having new activity there would be huge.
“By offering more services there you will be drawing people north from South Windsor. Psychologically you are drawing people back into the city. That will help people see there really is a bounce back going on when you consider (the plaza) has been sitting there vacant for so long.”
Having new owners of the plaza who are local also shows it is not “outside investors” solely speculating on the property and there is more likely to be a commitment to develop the plaza with a long-term vision, Bortolin said.
“The local ownership here can’t be understated,” he said.
Dorwin Plaza first opened in 1956 and in its early days was anchored by big-name food retailers and department stores.
But the last couple decades it has largely been known for its desolate appearance with small business operations opening and leaving.
The property was put up for sale in the summer of 2016 by Quach Infinite Inc, owned by Toronto investor Kevin Quach. He initially asked $3.5 million for the plaza, before recently dropping it to $2.49 million.
He purchased the commercial site in 2013 for $4.5 million.
The biggest thing that will make this work is that we will make it look like a brand new building.