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  #21  
Old Posted Sep 22, 2021, 5:39 PM
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From a recent Forge and Foster email

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58 York Blvd selling to local developer Belmont Equity for $12,500,000/acre by Philpott Memorial Church, and then Philpott Memorial Church purchasing downtown land for $12,800,000/acre at 180 King St E.
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Philpott Memorial Church purchasing the Lincoln Alexander Theatre downtown. As noted last week, Philpott Memorial sold downtown land for $12,500,000/acre and purchased another parcel, closer to the theatre for, $12,800,000/acre.
180 King Street East is next to Jet Cafe.
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  #22  
Old Posted Sep 22, 2021, 5:51 PM
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It looks like they are selling their current lot for development just to... buy another lot for holding income from the parking?

Churches love commercial lots as they don't have to pay property taxes on the land or any income from it so it's great money to support the congregation.

It's a shame because they hold key development sites for years and rarely move on them. Their new lot is right on the LRT and is a prime development site but will likely sit as a parking lot for a while still now that they own it.

It's the same thing in Toronto, a couple of prime development sites on the east end of downtown are owned by churches and never get developed. They are basically the last surface lots in the city without active development applications at this point.
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  #23  
Old Posted Sep 22, 2021, 7:10 PM
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Funny, I was just walking past this lot the other day and wondered when a condo would get built there.... right on the new LRT line. Unfortunate to hear it will likely sit as parking, unless the Church has a plan to make some money off it and flip it to a potential developer.
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  #24  
Old Posted Sep 22, 2021, 8:28 PM
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Originally Posted by Innsertnamehere View Post
It looks like they are selling their current lot for development
Seems like they formalized their sale the same week that HUPEG talked to the Spec about wanting to relocate the shelter at the Booth Centre. Coincidence?
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  #25  
Old Posted Sep 22, 2021, 9:54 PM
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Originally Posted by johnnyhamont View Post
Seems like they formalized their sale the same week that HUPEG talked to the Spec about wanting to relocate the shelter at the Booth Centre. Coincidence?
The article for those that missed it.

If we got a shiny new condo tower on the location of the mens shelter and also a development that incorporated the church, it would completely change the look and feel of York in that area. Hate to say it, but that shelter really needs to go to a more suitable location.

This would be incredible. Let's hope you're onto something Johnny.
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  #26  
Old Posted Sep 22, 2021, 10:10 PM
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Kind of sucks the York St property got sold to such a blegh real estate company. They seem to build a bunch of suburban garbage. Look forward to, shoppers drug Mart, or crappy hotel with surface parking, or some plaza like downtown Hamilton is stuck in the 1960s.

Maybe this will be their first foray into decent quality urban development, but first developments are always mediocre because they've got to play it safe and build up equity.
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  #27  
Old Posted Sep 22, 2021, 10:22 PM
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Quote:
Originally Posted by TheRitsman View Post
Kind of sucks the York St property got sold to such a blegh real estate company. They seem to build a bunch of suburban garbage. Look forward to, shoppers drug Mart, or crappy hotel with surface parking, or some plaza like downtown Hamilton is stuck in the 1960s.

Maybe this will be their first foray into decent quality urban development, but first developments are always mediocre because they've got to play it safe and build up equity.
They don't have it advertised on their site but they are actually partnering with Coletara on a lot of projects downtown already. I believe they are involved in Apex Condos, for example.
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  #28  
Old Posted Sep 22, 2021, 10:38 PM
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Quote:
Originally Posted by Innsertnamehere View Post

Churches love commercial lots as they don't have to pay property taxes on the land or any income from it so it's great money to support the congregation.
You sure about this? Charitable status is very carefully scrutinized. An income-generating property that doesn't serve the charitable organization's primary function/mandate couldn't be tax-exempt, could it??
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  #29  
Old Posted Sep 23, 2021, 12:37 AM
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Really hoping the church is speculating on the 180 King ST E parking lot because that's prime land for development (commercial or residential). No one builds churches anymore and income generation seems silly at this location unless they're buying it for film usage (film crews park here and/or film here a lot), I can't see another reason. It's never full.
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