Quote:
Originally Posted by sdm
Very well put.
I don't know how many people attended the fusion event last evening, but i know personally there was something everyone should take away from that event.
For a city our size to have no less then sixteen projects either approved or pending approval is simple unheard of. I mean there are many larger cities who could only wish there was that much in the way of private development.
To all who say downtown is dying or dead is simply not the case. Yes things are slow; but that is the game in that real estate development is market driven and the market will dictate what happens (supply & demand).
What distrubs me is when people think that this proposal is the make or break for downtown's future, which is simply not the case.
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I don't think that you are really unbiased. You have been against this since the beginning. Previously you have been giving the impression that there was little hope for new office space in the downtown - now you are taking the opposite view.
Wasn't the Cogswell proposal the one whereby a new Metro Centre II would have been built at the Cogswell Interchange, the current Metro Centre I would have been demolished, and then replaced with a convention centre? The price tag was $300 million - I am sure this is why it wasn't chosen. On top of the greatly increased cost, it would have also meant at least a 3 year delay prior to the new convention centre construction starting, because a new Metro Centre would have to be built first. This was outlined in one of the reports.
Although there is criticism of this Nova proposal, there is no mention of the fact that the plan is to keep Grafton Street open. The Cogswell Interchange proposal would have torn down the Metro Centre and then kept that area as a super block for a convention centre. How can anyone criticize Rank for designing the convention centre in order to keep Grafton Street open when it would have been easier to turn it into a superblock such as where the Metro Centre is now?
The cost of $160 million is the one stated by Epstein. If Roger Taylor is correct then the real cost might be $160 million over 25 years. A cost of $2.28 million each for the municipality and province, and a lesser amount for the federal government for 25 years might work out to a total of $160 million but if you consider what you stated in an alternate light - if it were treated as a mortgage and paid as a lump sum up front then there would be interest payments. So $160 million over 25 years is far better than a lump sum of $160 million.
As worldlyhaligonian stated, a lease rate of $2.28 million/year each for the municipality and province sounds like a sweet deal. Certainly much better than paying $300 million up front for the Cogswell Interchange proposal.