Quote:
Originally Posted by TbayON
I believe the skylights are in need of immediate replacement... which is about a $2 million bill. That's assuming when things are opened up, no other issues are found. I would say that scenario is unlikely and further work will be required given the amount of water coming into the building. Another $1/2 million will be 'lost' on top of that this year in operating costs. Total cost to tear down, put Victoria Ave. back in with related storm drains, sidewalks etc. is roughly $10 million.
Its therefore not unthinkable the costs to demolish could be 'covered' in 5-6 years of accumulated capital renovation costs and loses. IF getting rid of the mall helped the south core area reinvent itself, increased tax revenue would shorten that time. That's a big if though... hard to judge peoples' response.
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That's the explanation they've given, and part of why they're in favour of demolition.
The particular way in which the facility is managed is destined for failure. Unless a single owner bought every abutting property and managed it as a single complex, it won't ever really turn a profit.
Nearby, however, Mike Cupello is *finally* repairing the Medical Arts Building at May and Victoria, with a goal to have it occupied, meaning that that entire block will, hopefully within a year, have full occupancy. Tomorrow night is a grand opening gala thing for The Hub, across the street in the old Gerry's Furniture building (was the Fort William Farmers Market for a while back in 2008). New tenants are also in the old Foodateria (was Sylvan Learning for a while, beside the Roy Block and Buzzee's Jerseys). The Madgical's building is for sale for about $450-500 thousand. On May Street, there are two new cafes (I forget the names of both but one is in the old RBC/Cash Store across from the Medical Arts Building and the other is in the Dyke Block) and Norma Jean's is (maybe?) reopening under new ownership. Volare Pizza and Pasta has closed but the building is also no longer for sale, so something might be happening there.
Also it's important to note that the majority of the businesses in the downtown South Core are owned by women entrepreneurs.