The sale of the former Holmes Foundry lands in Point Edward is now final.
South Coast Developments Limited has purchased the 16-acre (6.5 hectare) vacant brownfield site from Point Edward Gateway Inc. for an undisclosed sum, the Village said.
The deal will allow an Environmental Assessment and Risk Assessment to be completed, as well as some additional remediation work.
Once complete, the property abutting Highway 402 will be ready for any number of uses, ending more than 30 years of litigation and environmental concerns.
“This closing takes place after over a year of work by all parties involved,” said Point Edward Mayor Bev Hand.
“We are extremely excited to work with the new property owners to see what development may take place on the property.”