Quote:
Originally Posted by new age
He requested a demolition permit for the Capital Theater and got a permit for the theater but not the entrance. He wanted the hole thing demolished for 50 extra parking spaces, which would just mean another gap in the street scape on Dundas.
"Shmuel Farhi said he needs parking, the Capitol facade is in poor condition and, in any case, it is not historically significant."
(Thu, October 26, 2006 By NORMAN DE BONO, FREE PRESS BUSINESS REPORTER)
Now it is clear that though it was in poor condition underneath the sheet metal facade there was still a building of great value and historical significants.
"Farhi said any refusal may see him resort to moving his office tenants to buildings outside the core which has parking -- the city allows 5,500- square-foot office buildings outside downtown."
(Thu, October 26, 2006 By NORMAN DE BONO, FREE PRESS BUSINESS REPORTER)
Instead of reaching a compromise with the city Farhi started making threats in front of the media.
"Farhi said he would save the facade if the city leased space in it"(Thu, October 26, 2006 By NORMAN DE BONO, FREE PRESS BUSINESS REPORTER)
Even though he purchased the building of his own free will he expects the city to continue to take responsibility for it much like the threats to close the Bell Building if the city or, Bell did not lease it.
"Downtown London's largest landowner says he'll let his buildings rot or raze them and divert $100 million in investments if the city doesn't help solve the core's parking problems."
(By JOE BELANGER, FREE PRESS CITY HALL REPORTER)
When he didn't get his demolition permit (for 50 spaces) he made the above threat and abandonment of buildings that threatens public safety or, demolition of buildings with out permits is illegal. Not to mention these threats are to get money out of the government......
This is not the only time he has pulled this crap, The Lithography building, and now the Bell Building are the same thing.
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This is a case of the city interfering a little too much with private enterprise. When Farhi bought the former Capital Theater the building was in extremely poor condition and was not suitable for lease as is.
How you can claim that it was a building of "great value" is beyond me. What kind of value are you talking about because it certainly couldn't be monetary value? Do you happen to know how much he spent refurbishing the building? Over 1 million dollars, so really I don't know how a building requiring a million plus dollars in work in order to gain a stable long term tenant is of "great value"
Second you seem to imply that Farhi doesn't have a point about a lack of parking downtown. The main motivation for him purchasing the Capital Theater site is because he also owns the office building at 201 Queens which has a serious shortage of available parking for tenants. He has a similar problem with the Royal Bank tower on Richmond. The fact that the city blocked him from doing what he wanted with a property that he purchased is bullshit. This is why he than came back on the city saying if you want me to spend money refurbishing the Capital Theater you better lease the space.
Are you aware of the numerous existing parking lots in the core which Farhi has purchased in an attempt to solve his parking problems?
You seem to have a great deal of hate for Farhi and that hate is clearly blinding you from seeing the entire picture.
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