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Originally Posted by Tacheguy
Nice to see you back Simplicity. Wonder if you saw the Free Press article on the redevelopment of the Galpern building, and what your take is on it?
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Thanks!
Yeah, I saw the article this morning and I got a good chuckle. I know the building well. I was through it on numerous occasions with different clients and nobody could make it work. A client of mine had an accepted offer on it at one point but it collapsed under due diligence. The vendor wanted too much money and the building was a shambles so everybody eventually passed on it.
I think it's great that somebody is trying to get something out of it, but those rents are both ambitious and not enough, so I'm not sure what their plan is. Murray MacNeill is pretending that being your own general is some panacea nobody has ever thought of, but this isn't even remotely uncommon anymore.
We'll see. There are a couple guys in this city who thought heritage restoration was easy money with less competition only to find out people haven't overlooked it, they've just migrated away from it. It only takes one unforeseen issue and I have yet to see a heritage project that doesn't experience one.