Quote:
He told us some years ago that he planned no improvements. "I just collect the rents. That's it."
That would be from Pizza Pizza, the Pagoda Downtown Restaurant and the Wintas Digital computer shop.
That amounts to about $75,000 a year after expenses, Ammendolia explains. So without even looking at development possibilities in the largely empty Treble Hall, he says, that's about a 7 1/2 per cent return on a million-dollar investment.
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And there's the rub, $75K net for no work. Essentially, a license to print money.
The city should purchase it, and make it a community based arts, theatre, meeting space and get rid of a absentee slumlord.
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