Quote:
Originally Posted by Wrightguy0
Which is why we need to attract more people to Uptown and make living there a safe, and interactive environment.
your condo project addresses the need for denser residential zones within the core, but the city also has a massive stock of historic properties that if properly restored would also be attractive to buyers and leasers, but of course that idea isn't as attractive to developers due to marginal gains and the fact that the costs of renovating and restoring a 108 year old building can balloon out of controll and the project can easily get derailed with delays, moreso than building new.
Now i think it's important that we all look to mixing the old and new into the city so that people see that we have an urban core worth moving too. the established services can attract more people, who will in turn attract more of the desired services, office, commercial, entertainment.
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I totally agree with you.
As you correctly point out, the challenge with living in our beautiful old buildings AT THIS TIME is the cost to renovate them. I would also add parking as a secondary challenge.
The cost to renovate our historic housing stock is higher-and in many cases much higher- than the cost of new costruction.So we need buyers that will pay more BECAUSE they are PASSIONATE about living in these beautiful properties.Secondly, we need buyers that will put up with the hastle of no parking.
It is extremely difficult to find many of these committed individuals that will do both when you can spend a lot less less and have parking-and you are only a 10 minute drive from whatever you love about Uptown.
Part of the solution would ber for the City to offer significant renovation grants rather than the token ones they have offered in the past.There is a sound business case for doing this unlike the business case for the genereous grants the City now offers for subdivisions.
The property taxes the City would receive from people moving into existing building[or infill projects like our Harbourfront] do not have any expenses associated with them.
Unlike in a new subdivision, the City would not have to spend part or all of the property taxes revenue on extending services,snow removal for the new streets,looking after new sidewalks,etc.Everything already exists Uptown.
So,the net effect is that the City offers grants to subdivion developers to induce them to generate new property tax revenue, the lion share of which the City will have to re spend to look after that subdivision and offers little to Uptown developers that could generate property tax revenue, 100% of whch could be used to reduce the cost of providing other sevices to residents of Saint John.