Plum pickings in the downtown
By ROGER TAYLOR Business Columnist
Fri. Jan 29 - 4:53 AM
STRUCTURES like the two-storey Carsand-Mosher building on Barrington Street may have a hidden value that few would have considered prior to that part of downtown Halifax being designated an historic district last year.
Paul MacKinnon, executive-director of the Downtown Halifax Business Commission, says the fact the building doesn’t hold any particular significance offers an opportunity for redevelopment that is relatively free of the restrictions attached to the more historically important edifices on the street.
It was revealed this week that Carsand-Mosher Photographic Ltd. of Truro was asking $1.5 million for its property at 1559 Barrington St., which has been home to the company’s flagship store in Halifax for the past 27 years.
"We’re distinguishing this from just a regular retail closure," MacKinnon told me in a brief conversation Thursday.
Although he doesn’t hold any inside information about the sale, MacKinnon prefers to think of it as a landowner deciding to sell a valued asset.
I’ve been told by sources that well-known property owner Lou Reznick of Toronto, through his holding company, has already made an offer on the Carsand-Mosher property, and they suggest he’s willing to pay top dollar.
Dan Sangster, vice-president of Partners Global Corporate Real Estate Inc., who is handling the sale, declined to comment Thursday, and Roger Yorke, who speaks on behalf of Carsand-Mosher, wasn’t available.
If it is Reznick’s company that has acquired the property, MacKinnon said the landlord has already had a "huge impact" on the street. His planned redevelopment of the former Sam the Record Man building on Barrington will probably be the first project to go through the new HRM by Design development process.
Reznick’s plans for the Roy Building, directly across the street from Sam’s, have been grandfathered under older development rules. MacKinnon, who was a member of the HRM by Design task force, said that plan will probably take a little longer to pass through the regulatory process.
He said the downtown business commission generally views the sale of structures like the Carsand-Mosher building as a positive event. The Barrington Street Heritage Conservation Revitalization District Plan identified "a couple of sites" that were prime opportunities for redevelopment, and the Carsand-Mosher property is one of them.
It may or may not be a simple decision to close a faltering retail operation, but MacKinnon said he has the sense the company realized the building was at its maximum value and this is an opportunity to cash out.
The old Tip-Top Tailors building at 1592 Barrington St. is in the same situation, he said. The building is owned by the proprietor of the CD Plus store that has operated there for a number of years. The two-storey building is listed for $525,000 by broker Greenwood Lane Inc.
So far, there haven’t been any signs of a deal for the Tip-Top property, but MacKinnon said he believes it would provide a great development opportunity.
"I don’t think it would be very controversial if they proposed to make significant changes or even demolition of that property and they could do something much more significant there," he said.
While the sale of properties may be an indication of the level of interest in the long-term prospects for historic Barrington Street, there are currently plenty of empty shops and that doesn’t bode well for the immediate health of the downtown district.
No matter how rosy one tries to paint the current situation, the long-suffering business district is going through a painful period once again.
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