The Shannondale (née Electrohome, 152 Shanley St) | 8 fl | U/C

[Owen]

I think it's due for a new owner quickly.

The shady owner of the building sees some interest in the property and gains control for pennies on the dollar and can probably sell this land for more than his tiny tax buyout. He rids himself of a headache and comes out ahead financially.

I don't think he'd want to run up any more property tax bills.

What does the owner think they'll get though?  The city tried to sell it and no interest.  I guess any bit of financial gain is worthwhile.

Maybe that 'break' makes clean-up and redevelopment feasible? Not saying it's' okay - but the reality is, this property was never going to be cleaned up and developed if that full tax bill was added to the cost as well (and if the city expropriated it as some have suggested, they would have had to foot the clean-up bill themselves - and I'm relatively confident that every single clean-up contractor quoting the job for the city would add the usual "government job" mark-up to their quotes.)

Proof of this point is that it didn't move at $800k, but ultimately proof will be if it DOES now get cleaned up and redeveloped.