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Can anyone interpret what's proposed in this notice?

Notice of public meeting - 1899038 Ontario Inc., 85 Willis Way, and 95 & 115 King St. S. - Ward 7, Uptown
Date: Thursday Nov. 3, 2016
Time: 4:30 to 6 p.m.
Location: Council Chambers, 3rd Floor, Waterloo City Centre, 100 Regina St. S.
Vacant Land Condominium 30CDM-16406
1899038 Ontario Inc., 85 Willis Way, and 95 & 115 King St. S. – Ward 7, Uptown
 
The applicant is proposing to create a four unit vacant land condominium located at 85 Willis Way, and 95 & 115 King Street S. Units one, two and three will have mixed use commercial/office buildings, while the vacant unit will be parking unit one. The common element areas are proposed for drive aisles leading through the site to on and off site parking. 

We encourage the public to provide comment on this condominium application.  Individuals may submit written/electronic comments prior to the public meeting. The public is informed and notified that names, addresses and comments may be made public. Olga Smith, city clerk, City of Waterloo.

For further information regarding the above matter, please contact the City of Waterloo Integrated Planning and Public Works, 2nd Floor, Waterloo City Centre, Waterloo, Ontario, by calling Danielle Ingram at 519.747.8773, or by email at danielle.ingram@waterloo.ca and/or The Regional Municipality of Waterloo, Planning, Development, and Legislative Services, 150 Frederick Street, Kitchener, by calling Wendy Fisher at 519.575.4014, or by email at [email=%20wfisher@regionofwaterloo.ca]wfisher@regionofwaterloo.ca[/email]

Under the Condominium Act, there are several different types of condominiums that can be created. The most common is a 'standard condominium' (your typical condo). A vacant land condo on the other hand is more like a traditional subdivision whereby a parcel of land forms the unit (as opposed to a interior space in a standard condo). Under the Planning Act, municipalities are required to hold a public meeting for vacant land condos at least 14 days prior to a decision being made. Also, in vacant land condos, at least 1 unit has to be vacant at the time of registration. No public meeting is required for standard condos.

In this case, it looks like they are making the new building and the existing 2 buildings on king units in the vacant land condo, and the off-street parking will be the fourth and vacant unit. This will allow each building to be on separate title/PIN while remaining on the same property. Advantages to this are usually mortgage/financial purposes. The developer could also sell the existing 2 buildings on King Street to finance the new building, while still retaining control of the whole property through a future condo corporation.

I am a Planner who deals with a lot of condo developments!