Quote:
Originally Posted by WinCitySparky
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What Skyline is really saying...
Give us Portage Place and the underground parking structure for FREE and $20,000,000. We will move forward on redeveloping this elephant of a site on some basis. The federal government is looking for some guarantee of development and rent geared housing plus 10,000ft of community space before moving forward. (Did I hear Development Agreement?)
If Portage Place with a contiguous parking component and a fairly modern structure including development tower pads in place is having a difficult time making the proforma work, notwithstanding the Real Estate is given to them for free and $20,000,000, it’s important to really understand the challenges The Bay will have...
How much government money are we really going to throw at this?
Think St Charles and the Peck Bldg times 10....
Don’t be surprised when The Bay stops paying their realty taxes and turns off the water to ensure pipes don’t freeze.
I’d rather throw $60,000,000 into 50 buildings in The Exchange to upgrade their life safety systems and elevators to ensure upper floors in these structures are leasable.