General Business Updates and News

[westwardloo]

I expect you could tear down the parking garage without impacting the structural integrity of the rest, and build a tower that would work (architecturally) with the remaining building. Maybe even some part along Scott St, to use maybe 40% of the existing footprint for a new building. No, it will never be a viable shopping mall again, but it could certainly be a viable mixed-use space with much higher density.

However, the property owner, EuroPro, is an office space management/rental company, not a developer, and so far they have not done any major development projects, as far as I am aware. Would they want to tackle something this big?

It's definitely possible. The parking garage is structurally quite separate from the rest of the building. There has not been any need for that much parking ever since the mall and market ceased operating, so they could certainly tear it down and redevelop that at some point if there was a wish to do so. But as you mention, EuroPro is not a developer.

I'd support demolishing the parking garage and rebuilding something there. But to get rid of the entire thing makes no sense and it would never happen anyway - at least for a long, long time. EuroPro just dumped a ton of money into redeveloping the interior of the complex as well as the office tower across the street. A college campus just opened up and there is a lot of perfectly good office space to lease. Financially, it just wouldn't make any sense. There is also the environmental cost involved in demolishing and rebuilding something so immense. The argument made in this thread just seems to be that it's subjectively ugly and so some glass towers would be preferable.

I think it is impossible to say it will never happen. IN8 is literally doing just that to the Hamilton City Centre, which is a structurally larger failed urban mall. I am not saying I am a fan of the SRM towers planned for that redevelopment. The possibilities for this site are endless. It could end up mundane glass towers, or it could be a couple signatures developments for DTK who knows. Either way the building as it stands does not appear to be working. Stantec left for a more modern office, The Record is leaving to reduce cost, I can't see a major company taking over this Class C office space in this market.  Europro may end up spending big money to retrofit the building to entice a long term tenant. I am sure they are already talking to Conestoga College to begging them to fill the void. Personally I hope this doesn't happen and the site ends up selling to a developer. It is subjectively ugly, but it also interacts horrible with the urban environment. It would cost a ton of money for them retrofit the building to fix this, if it is even possible, there are loading bays of king st.