Posted Sep 22, 2021, 5:51 PM
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Registered User
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Join Date: Jan 2010
Location: Hamilton
Posts: 12,731
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It looks like they are selling their current lot for development just to... buy another lot for holding income from the parking?
Churches love commercial lots as they don't have to pay property taxes on the land or any income from it so it's great money to support the congregation.
It's a shame because they hold key development sites for years and rarely move on them. Their new lot is right on the LRT and is a prime development site but will likely sit as a parking lot for a while still now that they own it.
It's the same thing in Toronto, a couple of prime development sites on the east end of downtown are owned by churches and never get developed. They are basically the last surface lots in the city without active development applications at this point.
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