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Originally Posted by drew
Depends how much the reno will cost I guess.
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According to the WFP story, they pegged the total project cost at $74 million, but $66 million of that is the five-storey expansion at the corner of Graham and Kennedy. (Although those numbers don't add up because presumably $8 million of the $74 million was for acquisition, so the $66 million must include renovations.)
Worst case scenario, you scrap the expansion part of the project and sell the surface lot to a developer. That knocks off a substantial chunk from the tab right there, and the proceeds of the lot sale can defray the costs of improving the existing Medical Arts main level into a nice, modern lobby as an alternative to the new space. And from an urbanist point of view, a new development at Graham and Kennedy that takes up the entire lot would be preferable to what MLLC cooked up in its initial renderings anyway.