Innova developer backs out

A southern Ontario company isn't building a new shopping centre at Innova Business Park after all. The city's Mark Smith says the developer is claiming global market conditons are making it impossible to find anchor tenants. Smith says the company wasn't under any legal obligation to develop the property.  He says First Gulf Developments had the ability to back out of the agreement in a certain period of time and exercised that right before that time expired.   First Gulf planned to develop a 600 thousand square foot plaza.   Smith says all is not lost for Innova though.  He says interest in the area has prompted the city to build two entrance roads into the property over the summer