Terraco Developments Inc. is the new owner of the former Brookside Youth Detention Centre property in Cobourg.
Earlier Monday, Dec. 2 online via the Infrastructure Ontario website under its property listings, the 30-acre 390 King St. E. property was showing as “sold.” There were no additional details available online surrounding the sale.
“Infrastructure Ontario (IO), on behalf of the province, has successfully completed the sale of 390 King St. E., Cobourg, at market value,” said an IO spokesperson, in a follow-up email Monday.
MBC earlier Monday reached out to IO inquiring about confirmation and the date of the sale, the sale price, and asked who the buyer was, about any next potential steps still to come and if this is 100 per cent finalized.
“The sale closed on Nov. 29, 2024, and will reduce costs and generate revenue for provincial taxpayers, while enabling the property to contribute to economic development in the local community,” said the spokesperson, in response.
“IO followed its well-defined sales process, completing all necessary due diligence and ensuring a fair and competitive process in the sale of this property. Work towards the sale began in 2021, when the property became surplus to provincial needs.”
The spokesperson goes on to confirm the property was sold to Terraco Developments Inc.
“The province and IO no longer have oversight of the property, and the purchaser will determine future use,” added the spokesperson.
No other details were released in the statement.
The property has more than a dozen buildings and had previously been listed for sale since Feb. 8, 2024. Back in February 2024, Infrastructure Ontario had the property listed for sale at one point for $9.1 million
In the months prior (since September 2023), and afterwards, the property also served as home for several residents experiencing homelessness.
As previously reported, Ontario shuttered the doors to the former youth detention centre in February 2021, triggering a decommissioning process.
Terraco Developments online is described as a “leading construction development company with over 25 years of combined industry experience.”
“We specialize in land and property development where we bring urban living to life through our innovative designs, exceptional craftsmanship and unparalleled customer service,” reads the company’s “about us” section.
Online, it also states the company has expertise in land development, construction, urban planning, residential development, industrial commercial, and management services.
This story is still developing.
(Written by: Sarah Hyatt)
