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  #801  
Old Posted May 30, 2018, 6:40 PM
kevinbottawa kevinbottawa is offline
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I'd still rather see them build the library at Booth and Albert and connect it to Pimisi Station. Am I the only person that thinks the proposed location is wrong?
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  #802  
Old Posted May 30, 2018, 7:48 PM
roger1818 roger1818 is offline
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Originally Posted by kevinbottawa View Post
I'd still rather see them build the library at Booth and Albert and connect it to Pimisi Station. Am I the only person that thinks the proposed location is wrong?
I certainly agree that it should be "Downtown" but downtown is spreading further west so it may not be quite so bad. If they can do something to make Nanny Goat Hill less of an obstacle (like a pedestrian bridge from the top of the hill to an upper floor of the library) it will go a long way to make the location more palatable.
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  #803  
Old Posted May 31, 2018, 2:34 AM
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J.OT13 J.OT13 is offline
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Slate Properties poised to buy downtown Ottawa library land for $20M

OBJ
May 30, 2018


As the city moves forward with plans to construct a new central library, municipal staff say they’ve negotiated a deal to sell the site of the current library to a private equity firm that owns an adjacent 19-storey office tower.

In a report being tabled next week at the city’s finance and economic development committee, municipal staff say the current downtown library site at the corner of Metcalfe Street and Laurier Avenue W. is a “unique, complex bundle of property interests,” including leases.

In short, the city and the Ottawa Public Library own the land and have leased out the air rights, which permitted the development of the Sir Richard Scott office building, owned by Slate Properties. Similarly, the city has leased out the rights that permit the four-storey parking garage on the property. The agreement is slated to terminate by 2034, at which time ownership of the office tower would revert to the city and library.

City staff are recommending the sale of the 19,860-square-foot site, along with the air rights lease, to Slate Properties – the current owner of the office tower and leaseholder – for $20 million.

City staff say the figure “reflects market value appraisals” and say the deal offers benefits to both sides. Slate is familiar with the building and all the land parcels, and is also offering flexibility in closing dates so that the library can remain at the facility until the new central library is ready for use.

The report adds that the acquisition would enable Slate Properties to better plan an office leasing strategy at 191 Laurier Avenue W. as well as a life-cycle renewal program.

Ottawa’s new central library will be co-located with Library and Archives Canada at 557 Wellington St. in LeBreton Flats.

The report being tabled next week also refines the project’s cost and timeline. The city now says the project will cost $174.8 million – up from the $168 million previously floated – and be complete by the end of 2024.
http://obj.ca/article/slate-properti...brary-land-20m

OK, so $20 million dollars for the land and the library. Sounds fair. But what about City ownership of the tower by 2034. Are we forfeiting that agreement? Because that tower could probably be sold for around what, maybe $80 million?
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  #804  
Old Posted May 31, 2018, 3:51 AM
roger1818 roger1818 is offline
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Originally Posted by J.OT13 View Post
OK, so $20 million dollars for the land and the library. Sounds fair. But what about City ownership of the tower by 2034. Are we forfeiting that agreement? Because that tower could probably be sold for around what, maybe $80 million?
I was wondering the same thing. The only thing is without this deal, Slate Properties could let maintenance on the tower slide when they are approaching the end of the air rights lease, making it worth considerably less. Since Slate currently owns the building, there isn’t much the city could do to prevent that, assuming there aren’t any safety violations.
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