Timmins, ON – The Cochrane District Services Board (CDSB) has successfully completed the sale of the property located at 1800 Riverside Drive in Timmins, ON for $13.8M on July 29th, 2026. This sale includes the 100+ room building, two adjacent vacant parcels of land and chattels.
The property was originally purchased in December 2024 with the intention of supporting the development of a Homelessness, Addiction, Recovery and Treatment (HART) Hub. The acquisition included a 100+ room building, adjacent vacant parcels of land, and chattels for the purchase price of $11.45M through a line of credit, which would roll into a mortgage following completion of the construction and renovations. With HART Hub funding not secured, the Board applied sound risk management principles. Following a review of the feasibility of alternative uses for housing and resale opportunities given the housing and hotel market in Timmins, CDSB was confident the facility could be repurposed as a seniors residence or sold to recover investments.
During this time, as has been publicly referenced in open Board meetings several times, the CDSB remained open to potential offers of purchase for 1800 Riverside. This process was consistent with the approach taken for all property owned by the CDSB.
To support transparency, a financial summary of expenditures and revenue has been provided. The table below outlines all actual revenues, expenditures. Once all expenditures and revenues have been actualized between December 2024 and July 2026, a summary will be provided publicly.
| Actuals between December 1, 2024 and June 30, 2026 | Forecast for July 2026 | Total Projected Revenue (Cost) as of July 29, 2026 | |
| Purchase Price (hotel, chattels, two vacant adjacent properties | -$11,450,000 | -$11,450,000 | |
| Revenues Earned | $4,052,034 | $974,841 | $5,026,875 |
| *Expenditures | -$3,359,721 | -$1,085,791 | -$4,445,521 |
| Selling Price (hotel, chattels, two vacant adjacent properties) | $13,800,000 | $13,800,00 | |
| Gain on Disposal | $2,931,363 |
* Expenditures include items like legal fees, the cost of feasibility work, construction and renovations costs, staffing, day-to-day repairs and maintenance, utilities, and line of credit payments.
Considering the initial purchase price, cost of operations and renovations, revenue from operations and sale price, the CDSB is projected to have a net gain from the sale and operations of 1800 Riverside Drive of $2.9M. This surplus will be used to support affordable housing development in District.
Throughout the ownership period, the facility remained partially operational, generating revenue through event and short-term rentals. Municipal Accommodation Tax (MAT) has continued to be collected and remitted in accordance with municipal by-laws.
The CDSB completed the necessary feasibility work, several upgrades, and construction to install a new elevator to support the creation of seniors housing.
Proceeds of the property sale will be transferred to reserves to support the development new affordable housing within the Cochrane District. Use of those reserves to support affordable housing development will be subject to Board approval.
The CDSB remains committed to supporting the development of affordable housing projects across the Cochrane District. Currently, the CDSB is constructing four one-bedroom duplexes in Timmins and a supportive housing six-plex in Hearst in addition to working to secure funding to develop a 62-bed seniors apartment complex on Sterling Avenue in Timmins. The CDSB will continue to develop a pipeline of affordable housing projects to support meaningfully address current and future housing needs across the Cochrane District.
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About the Cochrane District Services Board (CDSB)
The Cochrane District Services Board (CDSB) is a regional leader in delivering essential social and emergency services across Northeastern Ontario. Serving a diverse and expansive region, CDSB provides integrated programs in paramedic services, housing, children’s services, and community development and services.
With a strong focus on community partnerships and equity, CDSB is committed to supporting the well-being of all residents—including Indigenous, Francophone, and other equity-deserving populations. Through innovation, collaboration, and a deep understanding of District needs, CDSB works to ensure accessible, high-quality services that build stronger, healthier communities.
For more information, please contact:
Cochrane District Services Board
Kaileigh Russell
Communications Manager, Cochrane District Services Board
kaileigh.russell@cdsb.care
(O) 705-268-7722 Ext. 244
(C) 705-406-9286