Quote:
Originally Posted by beyeas
Yeah that is it exactly.
Universal said that they are putting money into updating the Howe building (into which Justice will move) and I am sure that Crombie offered incentives in terms of reno cost offsets in the lease for the scotia square space (since they were probably pretty desperate to get that huge chunk of space rented). McCrea didn't sound pleased though, since he was hoping to get DoH into the Waterside apparently (that building was almost exactly the floor size that D of Health was looking for).
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Waterside Centre was too small for the department of Health (82,000 Useable square feet). Waterside is 85,000 sqft Rentable, probably close to 70,000 range useable.
McCrea bid on the purchase of the Joe Howe building not on the department of health tender. From sources Armour was going to redevelop the building to LEED standards. From the numbers i've crunched from the tender it appears Universal would have less then 1 million to spend on the building, which means they plan to do nothing to the building.
With Crombie`s bid of 20.95 a square foot for the department of health no new development could compete. A new development would require a bid price per square foot of $35.00 or more.