Quote:
Originally Posted by Labroco
It is a shame the owners will not repair the roof or do any work on the facade...
The title is clouded somewhat as well if I recall correctly.
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I think the issue is that it's essentially no more than a bandstand right now. No insulation, floor is gravel, etc., but it's a historical building so without likely millions in investment to turn it back to an actual building – if you put money in to fix it up in its current form, you're still investing a ton of money into a 16-car parking lot. Makes no business sense.
But, combine that in with a restoration of the entire complex, and it's a bit more doable.
I found out that Urban Sparq (The Pint) bought and sat on their current building for 2 years before redevelopment. They waited for the right time – and once they did it, they spent another 2 years and close to 3 million dollars on the renos. So it was $3mil and 4 years to open that place, they wanted to do it right.