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Buyer of former BMO open to suggestions

Developer considering commercial, residential for downtown building
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2018-02-12 BMO sold
A Toronto-based developer has purchased the former Bank of Montreal building in downtown Orillia. Nathan Taylor/OrilliaMatters

The new owner of the former Bank of Montreal building envisions a mix of commercial and residential uses for the downtown Orillia facility.

Jason Pasqualino recently purchased the building at the corner of Mississaga and West streets. The Bank of Montreal closed that location last fall.

Pasqualino, a Toronto-based developer, recently bought a cottage near Lake St. John in Ramara Township, and he sees himself eventually retiring in this area.

“I wanted some investment options in Orillia,” he told OrilliaMatters.

The downtown building caught his eye.

“It’s a great location,” he said. “I like the four corners there.”

As for potential uses for the building, he is open to suggestions.

“My immediate interest is to find someone who wants to use the space as is,” he said.

One option is subleasing. A marketplace, where multiple vendors could rent space, is an idea he is considering. It would provide more retail options, as “not every business can afford a storefront,” Pasqualino said.

He is interested in hearing from someone who wants to spearhead such an effort.

The building needs some work first. There’s a leak in the roof, one of the entrances is not accessible and he might have to install a sprinkler system.

Those issues, and the fact he has not decided on a specific use for the building, mean he has not yet set a time frame for development.

He invites anyone with ideas, or an interest in the building, to call him at 416-906-8066.




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