Quote:
Originally Posted by Biff
Just a hypothetical question here....
Would you approve the demolition of the Palamino Building to accommodate and 3 to 4 storey and podium and tower complex from 201 Portage north to the corner of Main and McDermot?
In this scenario, the plans are submitted and funding is secured based on the demolition of this one historic building.
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Overwhelmingly yes. And not just because "shiny new towers" are cool, but because from the city's perspective, the towers at portage and main are among the most efficient uses of land from a property tax perspective, and adding to that cluster is one of the most sustainable and efficient ways to marginally increase tax revenue to the City.
For example, currently the surface parking lot at 416 main pays around $16,000 per year in property tax and the Palomino club pays $7,300 in property tax. Conversely, the nearby 201 Portage pays $932,000 in property tax per year. To put it in perspective, 201 Portage pays 40 times more property tax annually than the neighboring surface parking lot and the Palaomino building. Even replacing those two lots with something half as efficient as 201 Portage would not only be an improvement from an urban fabric perspective, but also from a tax-payer perspective.
The city should be doing anything it can (short of excessive subsidies) to encourage the redevelopment of inefficient properties downtown. Heritage buildings are great, but they don't generate a lot of revenue and we have an excess of them already. And assuming that the demand for heritage buildings remains unchanged, removing some of them will encourage existing owners of heritage buildings to develop them, take better care of them, and make them more attractive as the stock of them decreases. It would be a win-win-win, honestly.