A new Highway 401 interchange is proposed at Highway 37 in northeast Belleville, known as the Belleville Eastern Arterial Road (BEAR) interchange. The goal of this interchange is to increase accessibility to the City’s Northeast Industrial Park. As many as 17,000 trucks drive along the 401 corridor in Ontario every day, and this project will also help reduce truck traffic currently entering Highway 37 (Cannifton Road). The long-term vision is to help the City expand its industrial capacity, as it is intended to facilitate better connectivity for businesses and support the region’s economic growth.
It is noted that currently, the project is in the design and consultation phase and has not yet been approved. The City is hoping the BEAR interchange will be part of the larger MTO planned widening and improvements to Highway 401 between Belleville and Kingston, which includes replacement or reconstruction of bridges and determining long-term interchange configurations at various locations.
This expansion would be a potential catalyst for commercial development and real estate growth in the Northeast Industrial Park. Major infrastructure improvements, like this proposed Highway 401 interchange, tend to accelerate property demand and drive new development.
Below, we share our insights that every commercial property stakeholder should know about the 401 interchange proposed for northeast Belleville and how to prepare for the opportunities ahead.
Increased Accessibility
Highway access is an important value driver in commercial real estate, especially for businesses that rely on transportation and logistics. The new interchange will significantly enhance connectivity to Belleville’s Northeast Industrial Park, making it easier and quicker to access major Metropolitan areas across Ontario and Quebec. This would lead to reduced transportation costs and increased demand for businesses looking to relocate to the area in an effort to take advantage of the Highway 401 corridor and Belleville’s strategic location between Kingston and the Greater Toronto Area.
Logistics, warehousing, distribution, and even retail and quick service restaurants would benefit most from this increased accessibility.
Expansion in Belleville Northeast Industrial Park
As soon as the interchange and infrastructure improvements are officially announced and construction begins, you can expect a wave of activity. New or existing developers will be looking to acquire land within the Belleville Northeast Industrial Park, which is already home to large national and international companies, including P&G, Magna, Kellogg’s, and the new Amazon fulfillment centre, which opened in 2023. It is noted that the City of Belleville has recently completed several studies and plans to extend roads and municipal services to expand the industrial park by 685 acres. The proposed BEAR interchange improvements would likely expedite growth in the Industrial Park.
For now, we continue to wait for an official announcement on whether this major infrastructure project will move forward in northeast Belleville.
Professional Valuations and Strategic Advice are Essential
Our team at High Rock Appraisal Group understands the local marketplace and follows key development projects that shape Belleville and the surrounding areas. Our AACI written narrative appraisal reports are comprehensive, well-researched and provide good insight into current lease rates, capitalization rates, sales data and key infrastructure projects such as the proposed BEAR interchange improvements that are shaping the local commercial marketplace. In a shifting landscape like this, accurate, data-backed valuations are essential to make informed and strategic decisions.
If you are looking for a commercial appraisal, please reach out to High Rock Appraisal Group to see how we can help meet your needs.