10-26-2017, 05:35 PM
(10-26-2017, 11:17 AM)MidTowner Wrote:(10-26-2017, 08:48 AM)BobbyDaSilva Wrote: The City needs to pre-zone for additional density and drop the purchase price to $1 before we see any action on it imo. Too much hair on it.
I agree. They're going to be asking about half a million an acre for this site, but it's got a building that needs to be demolished after possible heritage headaches, and needs possibly very expensive remediation. And there's no guarantee of being able to build any given density here, given that it's a residential street with no buildings over three storeys around.
I don't see any way this property can be unloaded without being proactively up-zoned to give some assurances of what can be built.
Remediation aside, is it really impossible to use the building? This type of building is definitely in demand for the tech sector companies. as I recall, someone said he had heard "the building is collapsing inside" but thee is no confirmation from anywhere else, and the city has not ordered its demolition as a safety hazard.
At the proposed price, the land cost is only about $1.5M/ha ($600K/acre) and the building potentially has value as well. Provided the zoning is relaxed, I have to think that the remediation costs would be manageable given the low acquisition costs.