Please read further for answers to frequently asked questions about the proposed sale of town-owned properties at 1 Forest Street and 228 Main Street
Why is the Town of Yarmouth selling these properties?
The properties at 1 Forest Street (PID 90194770), 228 Main Street (PID 90342528), lands known as PID90194804 and a portion of existing road (PID 90282690) - see the graphic below - are being sold for $10 to support new development that will bring more activity, housing, and business growth to our community. This project is part of our ongoing efforts to strengthen the local economy and improve the downtown area.
Who is purchasing the property?
The property is being sold to a private developer, GCORP Real Estate Group (3299425 NOVA SCOTIA LIMITED), represented by Justin Ghosn, the company’s Director and CEO. GCORP is a family-led group of companies with substantial operations across multiple sectors of Nova Scotia’s business community. Its portfolio is diverse, rapidly growing, and engaged with a wide range of trades. While the core of GCORP’s holdings is rooted on the Halifax peninsula, its real estate portfolio extends well beyond. The company offers a broad selection of living accommodations, including single-family homes, Victorian-style apartments, streamlined student housing, small apartment buildings, and large multi-unit developments. Website: https://gcorpltd.ca/
Was the property appraised before the sale?
Yes. As part of the process, the town conducted an appraisal or market analysis for Council review to inform them before making a decision.
Can the town sell property below market value?
Yes. Under Section 51 of the Municipal Government Act, a public hearing is required when municipal land is sold for less than market value. This provision allows council to approve such sales to support developments that benefit the community.
How will this development benefit the community?
The development is expected to:
• Add new housing
• Create new commercial space for businesses
• Bring more people and activity downtown
• Support jobs during construction and after the building opens
• Increase the property tax base, helping support municipal services
What will be developed on the property?
The developer has proposed a mixed-use development that may include:
• Ground-floor commercial/retail/office space
• Residential units on upper floors
• On-site parking
Final site and development design will be reviewed through the town’s planning and permitting process.
When will construction begin?
Construction timelines depend on the developer’s schedule, planning approvals, and permitting. The town will share updates as information becomes available.
Will residents be able to review the proposal?
As the town’s Land Use Bylaw and Municipal Planning Strategy are currently under review, the formal planning approval process (for example, development agreement, site plan approval or permitted use approval) has not yet been determined. Despite that, once the proposed development application has been submitted, the planning department will ensure the proposal is shared with the public for information through public council meetings, public notices, or the municipal website.
How is the sale being monitored to ensure the project is completed?
The purchase agreement will include conditions or performance timelines. The municipality will track project progress through regular review of planning approvals, construction milestones, and reporting from the developer.
What happens if the development does not move forward?
If the developer does not meet the terms of the agreement, the town may be able to terminate the contract, reclaim the property, or enforce other remedies as outlined in the sale agreement.
Will this development increase traffic, noise, or demand for services?
Mixed-use developments integrate with the community and are reviewed by planning, traffic authority, and engineering departments to ensure municipal services and infrastructure can support the project. If needed, upgrades or improvements may be requested as conditions of approval.
Who can I contact for more information?
For more details, please contact the town’s Planning and Development Department:
Email: planningadmin@townofyarmouth.ca
Phone: (902) 742-1505
