Originally Posted by KHOOLE
The 1926 Bank Street addition to the Coliseum was demolished August 20, 2012
The new clear space has just increased the viability of a competitive bidding process for the development of Lansdowne Park.
As mentioned earlier ( see post
)the space required for a break even point is in the 180,00 sq ft range.
Old Coliseum Buildings roughly 45,000 sq ft.
New structure will be a two level market style structure promoting local small business, with a footprint of roughly 520 x 150 or about 110,000 sq ft including mezzanine level.
New park lease space under P3 competition:
New Market Building 110,000 sq ft
Lower level North Stands 30,000 sq ft
Main level North Stands retail 5,000 sq ft
Horticulture Building 25,000 sq ft
Additional service retail pavilion for lawn 10,000 sq ft
Total 180,000 sq ft
In addition you have 36,000 sq ft of flexible space in the Aberdeen Pavillion for Farmers Market in the winter and special events throughout the year. Average annual daily rentals for the Aberdeen Pavilion are $6,000 daily net. Farmers Market in winter would pay a reduced rate.
Average net lease rate of $28 per sq ft on the 180,000 sq ft ( plus additional revenues and the $3.8M annual "avoided costs" revenue gives you more than enough to cover park costs, including mortgage.
The tear down of the Coliseum Buildings has just increased the opportunity for a competitive bid.
Without the towers you strategically locate parking around the perimeter of the park. But you don't charge ( except for special events ). You attract visitors to the park and include parking into the lease rate.
Ironically the City of Ottawa has invited the Project for Public Spaces ( PPS ) to visit Ottawa to examine the Byward Market.
Perhaps the PPS will be examining Lansdowne Park as well.