It's official now.
For sale: N.S.’s tallest building
By STEVE PROCTOR Business Editor
Fri. Jun 13 - 4:33 AM
The tallest building in the province is officially for sale.
Tim Margolian, vice-president of investment sales with DTZ Barnicke Atlantic, said Thursday that Dalhousie University has hired his firm to sell Fenwick Place, a 33-floor student residence the university has owned since 1971.
"This is a significant building and it will be marketed nationally," he said.
The 98-metre-high building has been panned in some quarters as Halifax’s biggest architectural eyesore, but Mr. Margolian said it is a signature building for the city.
"With what is happening in Halifax right now, we may never see another 30-storey building. For that reason alone, I expect it will get a lot of attention."
For more than two years, the city has been working on development guidelines for the downtown that could limit the height of buildings, except in a designated area around the Cogswell Street interchange.
No purchase price for Fenwick Place has been set and Mr. Margolian said it may be weeks before DTZ Barnicke Atlantic has completed its due diligence and come up with a Dalhousie-approved sales strategy.
Dal spokesman Charles Crosby said DTZ Barnicke Atlantic was chosen to sell the building after the university’s board of governors put out a request for proposals in mid-December.
Postings on several local websites suggest Fenwick Place might be torn down to make way for a condominium development. Looking out the window of his office at the tower, Mr. Margolian said he would be shocked if it were demolished."First, you’d never get approval to build to that height again, and second, there’s no reason the building can’t be refurbished at a reasonable cost."
Fenwick Place was intended to be an apartment building but Dalhousie bought it at an auction in 1971 after the developer ran into financial trouble.
The building will continue to be used as a residence for some 400 Dal students this fall.
Mr. Margolian said that given the size of the project, the sales effort might stretch into the fall or next spring.
(
sproctor@herald.ca)