WASAGA BEACH - Sixteen properties under receivership for two years have been sold for $11.5 million, with the town gaining more than $370,000 in owed taxes and water arrears.

The properties along Beach Drive between Spruce and 3rd Streets are now owned by Wasaga Beach Waterfront Developments Inc., a subsidiary of Belcub Management.

Principal Garbriel Grossi met with municipal officials after the April 27 closing of the year-long deal, and will attend a future council meeting.

"Council looks forward to meeting Mr. Grossi and hearing his plans for the area first-hand," said Mayor Cal Patterson in a press release.

CAO George Vadeboncoeur says Grossi, who also owns Belrock Construction, indicated he is planning to spruce up some buildings prior to tourist season.

"That's the benefit to the town - we have an interested and engaged owner," said Vadeboncoeur.

According to the release, Grossi said the purchased bars, restaurants, and retail store are all leased or will be leased and he told town officials he would be meeting with the tenants to "confirm the process to transfer the leases."

According to the release, Grossi intends to continue with current operation for the next two years and will be developing long-term plans during that time.

Grossi also confirmed his support of the town's vision for Beach Areas One and Two.

Grossi's brother, Enzo, was a former owner of The Dardenella Restaurant and Night Club (The Dard.)

"I think the fact that this particular purchaser has knowledge of the town - they're coming in with their eyes open in terms of the seasonality of the tourist season - so that's a plus," said Vadeboncoeur.

The Levy brothers' Beachfront Developments Inc., commonly referred to Blue Beach Avenue (a subsidiary of Beachfront Developments), owned the properties until May 2010.

Vadeboncoeur says town officials asked whether any members of the previous ownership would be involved with Wasaga Beach Waterfront Development Inc. (to quell any rumours) and Rossi said there wouldn't be.

According to the release, the town is still dealing with eight properties held by the previous owner - four are proceeding through tax sale and four have been repossessed by other mortgagees and are for sale.

-kristen.smith@sunmedia.ca