Quote:
Originally Posted by jammer139
Its rotting away and squatters will eventually cause it to burn I'm afraid. This owner doesn't have the deep pockets to actually develop the property I suspect and can't secure financing. Would have been much better off with another company.
|
I think part of the problem was that it sat empty for 6 years before Sierra took it off the city's hands for nothing with no other real interest. I don't know how deep their pockets are for putting their own money into a development, but they are a pretty decent size company working on lots of projects around the region. I suspect they probably wouldn't care too much if the old building burned, so maybe they can work on some type of plan with a clean slate. But it's also a pretty solid building, it's going to take a lot to bring it down.
I think they gave up on the idea of residential inside the existing building and were proposing more commercial uses in there. Not sure if they ever had any serious discussions to bring any of the type of companies that are moving in to the old Kelloggs building. I can't imagine what they would think of for residential on the land behind the building. It's not really that big a chunk of land when you start throwing single family houses up, and it's not a neighbourhood that is going to command $600-700k for houses.
I think they probably thought something along the lines of "We can pick this up for a buck, the economy is rocking, we can flip it for millions a few years down the road". Oops.