Look what Joe Ruscio just bought downtown!

Children's Aid Society of Algoma has agreed to sell its three-storey office tower at 405 Queen St. E. to local accountant and developer/real estate mogul Joe Ruscio.

"The purchase is great news for our downtown," says James Caicco, broker of record at Century 21 Choice Realty Inc., who listed the property at an asking price of $1,999,000.

"It will bring three strong, professional, and growing businesses to our downtown and further enhance our professional base in our city centre," Caicco tells SooToday.

Joe Ruscio Professional Corp. will be joined by partner firms Cygnus Technologies Group Inc. and Cavera Inc. as anchor tenants, merging resources to create what Ruscio describes as "a combined accounting and business advisory option for businesses and non-profit organizations in northern Ontario." 

Ruscio says the three companies share a common vision: supporting businesses needing accounting, bookkeeping, taxation, assurance services, consulting, valuation, IT managed services, website development and digital marketing.

“Through ongoing investments in technology, we will create strong partnerships with other partner firms and bring additional expertise to our clients including tax specialists, consulting and industry specific expertise,” Ruscio said in a written statement.

In a deal struck Wednesday, the office tower at Queen and Elgin, including 48 parking spaces, will sell for $1.7 million.

Ruscio has been making headlines recently with his proposal to build an eight-story, 65-unit apartment tower at 22 MacDonald Ave.

A graduate of Lake Superior State University, Ruscio started his business career with KPMG as a chartered professional accountant in 1992.

He started his first real estate company, Ruscio Developments Inc. with his brother, and the business ventures and partnerships that followed now employ more than 200 individuals.

In 2010, Joe bought the Ramada Inn with his brother Dave and friends John Martella and Fausto DiTommasso, investing $10 million into what is now the Quattro Hotel and Conference Centre.

Joe Ruscio has participated in over 12 charities and organizations, including:

• serving as treasurer for Catholic Charismatic Renewal Services of Ontario
• volunteer and major fundraiser for Sault Ste. Marie Community Soup Kitchen
• president of Sault North Rotary Club
• committee member for the Algoma University Campus Development Committee
• president of the Canadian Italian Business and Professional Association
• a major proponent for water-quality and poverty issues in developing countries

In 2013, Ruscio was named local Rotarian of the Year.

The following year, he received the Sault Ste. Marie Chamber of Commerce's Paul Dalseg Award, recognizing outstanding contributions by a business professional to the community, in 2014.

His future plans for 405 Queen St. E. include a data centre offering clients a secure and fully managed data storage environment.