Quote:
Originally Posted by Empire
My guess is that it had nothing to do with cold water and everything to do with the Convention Centre. The CC is vying for the same tenants and they will get them long before Waterside. Also, Armour is involved with Queens Landing so that may be more attractive in the short term.
Armour has what they want for now. Because they ripped apart the registered heritage buildings on site the pressure to renovate them was eliminated and also they will get a lower tax bill as a reward from a short sighted, weak kneed, walking train wreck of an HRM planning dept. This happens over and over again and council/planning just let it slide.
Now Armour has a perfect property to play the speculating game with. Let it sit for ten years and let the value increase with zero maintenance and the lowest taxes possible.....
Assessment NS shows 1801 Hollis St. listed at $32,841,200 for 2010 and the entire Waterside site at $230,000 for 2010. It also shows the assessment dropping after demolition. It's hard to imagine this site would only be assessed at $230,000. The assessment should have remained the same after demolition thereby removing some of the incentive to demolish registered heritage properties in the historic heart of the city.
Armour should be slapped with an unsightly property citation.
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McCrea's beef as it related to the CC was with the Queens landing project, not Waterside.
As for delays I can understand Armour's side on this although I think everyone can agree (even the developer has stated it in the media) the site looks terrible. That said, it’s hard to make contractual (lease) commitments to tenants if they are unsure if they have the cooling as proposed or anything for that fact. It appears the issues related to this system seems to be behind them I suspect they have chosen to go in spring time, rather then start and be in the middle of the winter trying to pour concrete. Who knows, they may not be able to find a crane or form work people as its well know that industry is at max capacity these days.
Armour started the development only to find out that the easements and encroachment had to be filled and couldn’t be granted through the development process. Instead of speeding things through, it got caught in red tape.
And to point out something Empire, the lot is actually assessed and taxed at a value of $1,878,800. You might want to check your facts a little closer. Giving them a fine would accomplish nothing in my opinion.
My bet is we see this go in the spring, although the vacancy rates downtown will be the worse they have been in 10-12 years in “A” class, with more expected in the b class as well. If anything, the smaller buildings like Waterside and are the ones who will find tenants easier then the CC. In the end who knows, things aren't great in the downtown with regards to attracting new tenants.