Quote:
Originally Posted by bomberjet
Thanks guys. So the two office buildings will have a similar amount of floor space. As of October 1.
One tower being 9 storeys, 270,000 sq.ft on the Carlton Inn site.
The other office tower being 19 storeys, 300,000 sq.ft at the north end of the main site, adjacent to Graham Ave.
The third tower being hotel/residential at the south end of the main site. 21 floors of hotel, 6 floors of condos on top.
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220 Carlton was originally not part of SHED to ensure a hotel would be built and taxes paid on the value of the development. This was required to repay the city's contribution towards the convention centre expansion. It is unclear if the site is now part of SHED and exempt from additional taxation.
If this is now the case, the city is giving up valued taxation for a new building. This opportunity was not offered to anyone else and negotiated after the site was under contract and sold at half its cost.
I hope I'm incorrect, as the city needs these tax dollars to repay the cost of infastructure it is currently building and will be required to construct for this project.
It's a great project, I just hope they pay their share of taxes which benefits everyone.