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Originally Posted by Riberview
I would say that since we haven't seen anything on the CCD website (right?) they'd be hard pressed to start construction this year. Will they apply for another delay prior to their deadline? maybe, they've spent money on renders and such. But the cost of those pales in comparison to the amount they stand to make when they sell at "fair market value."
The property 'technically' sold for $790k in 2017, and is currently assessed at $915k.
Not a stretch to think fair market value would come in around the $1.2mil +/- range.
So Galco stands to make some coin for having sat on this property and potentially busting the agreement.
The city can purchase the property back, per the agreement, and then send out an RFP for potential developers. And hopefully something more substantive comes out of all this.
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Good point. What if Galco backed out and a new developer decided to add a couple of more floors to what was previously proposed? We've seen before where a developer said that more floors were necessary to make a project financially viable. And also the new developer of St. Bernard's Place is building it taller than the previous proposal.
One way or another, it would be great to finally see something concrete happening with this file that's been dragging on for years. A new downtown building replacing a parking lot would be most welcome.
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