Quote:
Originally Posted by NuclearNerd
OK, I have little interest in arguing, but I'd like someone to clear up the facts. I recall that LIUNA's original plans were to rebuild a "replica" Lister for condos. The reason they've switched to office space is that, having been forced to keep the building, the existing space doesn't really support condos. I may be remembering that in reverse though.
In any case, there isn't a lot of market for condos either. The unfinished condo building on Rebecca has been in construction for five years and still has vacancies. The Royale on James is apparently still embarrassingly empty.
If the city mandates that LIUNA does X with their building, I don't find it unreasonable that they should ask the city for a contract in return to justify the change. The mistake is that the city negotiated itself into a corner where either the Lister Block stays closed and collapsing, or we give LIUNA a plum contract worth three times the going office-space rent to renovate. We would have done better to let them rebuild, but use our major-tenant's clout to get involved in the new building's design.
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If Lister-as-office-space is such a good idea. then why doesn't LIUNA convert it to office space and rent it out? Why does it need the city?
I'll tell you why? there is a huge office vacancy rate in the city already -- 25% by some accounts. The City should rent the Stelco Tower or Standard Life or STAY IN THE RIGHT HOUSE. Let Lister be LIUNA's problem.
Make condos, a hotel, a mall, residential (All ages) building, mixed office/doctors/dentists, professionals and build the damn thing. oh that's right it would require using their own money... that's why they want a government deal. They saw how easy it was to get rich from the kit box Federal bldg deal.
As a bonus if they can only just get the City to sign something... anything that implies an interest in being a tennant they can begin construction and when the City fails to live up to the agreement LIUNA/Hi RISE will get to sue the City again, just like they did with the Bay Street location in the 90s. An ever easier way to make money.