The City of Bellville is in the process of widening Bell Boulevard and extending municipal water, sewer, and gas infrastructure between Sidney Street and Wallbridge Loyalist Road in north Belleville. There has been significant commercial development along the Bell Boulevard arterial corridor west of Sidney Street, near Shoreline Casino. This expansion will allow for safer access for pedestrians, cyclists and motorists, and extend municipal services and key infrastructure needed to support this developing neighbourhood. The upgraded road and extension of servicing will likely increase demand for commercial growth in this corridor in the near term.
Mitch Panciuk, Former Mayor of the City of Belleville, shared with Quinte News at the start of the project in 2020 that there is a lot of interest and enquiries for commercial development along Bell Boulevard, which will drive growth for the city.
The Bell Boulevard expansion is a key factor in influencing property valuations in the area, both existing and new. Improved infrastructure and accessibility typically drive increased demand, higher land values, and greater development potential. In this blog, we will analyze the impacts to provide accurate, market-driven valuations that reflect the evolving landscape of Bell Boulevard’s commercial corridor.
Project details: Bell Boulevard Expansion
The Bell Boulevard expansion will widen Bell Boulevard from two lanes to four lanes and extend municipal water, sewer and natural gas infrastructure, critical to the future development of this neighbourhood. It will also make improvements to signalized intersections and add new turning lanes where required. Finally, the project scope also includes providing a multi-use trail for cyclists and pedestrians.
Study Area
This expansion will result in new commercial and residential development, which is already proposed to include hotels, grocery stores, retail, and other uses, keeping with the retail and entertainment node of the City. It will be interesting to see if the long rumored development of a Costco retail store will move forward in this expanding neighbourhood.
How the expansion impacts commercial property valuations
This project is set to influence property valuations in several key ways. As accredited AACI appraisers, we see 3 key areas that will impact valuations:
1. Land Values
Demand for commercial land often increases due to infrastructure improvements. The widening of this corridor will increase traffic and accessibility for both pedestrians and motorists. It is a popular area that many developers would be interested in establishing their business. With enhanced accessibility, visibility, and the addition of key infrastructure, properties along the corridor may see rising values as investors and developers recognize these new opportunities.
2. Retail and Office Spaces
Improved traffic flow and pedestrian access can boost consumer and business activity. Bell Boulevard’s expansion is to improve the flow of road and foot traffic in the area as well as extend key municipal infrastructure needed for development. This will likely lead to higher lease rates and stronger occupancy trends for the neighbourhood.
3. Industrial and Warehousing
For logistics and distribution, proximity to well-connected roadways is crucial. The corridor expansion, combined with nearby Highway 401 interchanges, enhances Bell Boulevard’s strategic appeal for industrial and warehousing operations, potentially driving higher valuations for properties in these sectors.
What appraisers will look for post-expansion
Commercial appraisers will assess factors such as changes in demand, the addition of municipal infrastructure, lease rates, sales trends, and investor sentiment to determine how the expansion has influenced property values. Comparisons to similar infrastructure-driven growth will help establish market-driven valuation benchmarks. As the Bell Boulevard expansion evolves, understanding these valuation dynamics will be essential for investors, business owners, developers, and property owners looking to buy into or already an owner within this developing neighbourhood.
Expert insights from HRA: A trusted AACI accredited appraisal perspective
At High Rock Appraisal Group, we specialize in delivering high-quality, full narrative appraisal reports for a range of commercial property types across South-Eastern Ontario, including the Belleville marketplace. With the Bell Boulevard expansion, we see a lot of potential for long-term growth for this retail and entertainment node of the City.
Conclusion: The Bell Boulevard expansion as a growth engine
The Bell Boulevard expansion is set to reshape the commercial real estate landscape of north Belleville, driving increased demand, higher land values, and enhanced investment potential. Improved infrastructure, extension of municipal services, accessibility, and business opportunities will likely contribute to rising property values for this neighbourhood.
As this transformation unfolds, working with a trusted AACI accredited commercial real estate appraisal expert is essential. Accurate, data-driven valuations will provide investors, developers, lenders and business owners with the right insights needed to navigate this evolving market. High Rock Appraisal Group is here to help if you require a commercial appraisal within this corridor or any part of Belleville or surrounding areas.
Reach out to our team to discuss your commercial property valuation needs today.