The City’s terms, as outlined in a May 2012 property listing with Blair Blanchard Stapleton, were
$20-$25 sq foot + $12 TMI or $32-$37/sf gross.
A year later, the City has arrived at three outcomes:
A: five-year lease on 1,300 sf at $20/sf gross (tenant pays cleaning, garbage, waste collection and disposal, security system, interior décor & finishing) + HST + $120/month parking space
B: five-year lease on 852 sf at $18.80/sf net (average) + TMI ($12/sf for 2013) + free parking space
C: ten-year lease on 4,222 sf at $27/sf gross + separately metered gas & hydro - $267K in Landlord upgrades (equivalent of comping 52 months’ gross rent)
These results are arguably closer to the 2008 assumption, built into
Agreement of Purchase, that "the market rate for commercial retail space would be approximately $25.50 per square foot on a gross basis."