Quote:
Originally Posted by OldDartmouthMark
The report will supposedly be released at some point, but comments in the article hint that the buyback is in the best interest of the building. Reading between the lines, one might be inclined to believe that the building has not received significant maintenance to stop or reverse the deterioration that had the building in jeopardy in the first place?
Don’t want to speculate any further, but this might be the best outcome, if it means that the city is intent on saving the building. I suppose we’ll see how it unfolds.
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Seems like
it's out already. tl;dr is that the Arts Society is out of money, and the city doesn't want to give them more money because they don't have faith the group will be able to execute its plans. Because the building is basically unmaintained (and ininsured) in the society's hands, it is also at some some degree of physcal risk. So the city is taking it back.
What happens next is totally up in the air. The estimated restoration costs are $12 million. That's not astronomical but, according to the report, the building's small leasable area means that sum is still not likely to be economical for a developer.
So what happens now is pretty open. It doesn't look like there's a path forward for a purely private-sector project--if the building is ever to be used for anything, a meaningful amount of public money is going to have to be ponied up. What would be nice to see is real civic effort going into figuring this out. There are so many possibilities. The Turret Arts Society's plans are good, but the money is lacking. Simply shelving this and letting the building sit in limbo is a terrible, terrible next step. The building backs onto Neptune Theatre, so there seems to be a natural alliance between two arts groups. Can that be leveraged for common purpose or shared costs? I don't know, but right now it looks like the city is going to say, "guess we can't do anything, maybe we'll try to sell it."
I'm hopeful this won't turn out like Bloomfield (the importance of the building and its location both seem like strong strikes against that), but the overall drifting lack of vision and purpose feels familiar. It should not be impossible to find $12 million for a project like this; frankly, if we were in Montreal or some other places, this would have been fixed years ago.