This makes a ton of sense to me, at least given the grants for residential conversion program exists. This is just extending it to a building that doesn't qualify since it was already under conversion; as bonuses, it's a significant heritage building and a really good location (cycle track, LRT, the emerging west/central Stephen Ave corridor).
 
I like this idea. I wonder if/hope that the city will require 20% of the units to be low income rentals due to the public investment.
 
Interesting that none of the media reports I've read have included any comments from Strategic on this. I'm sure there has been some discussion behind the scenes and the $7.5 million isn't arbitrary but it still seems extremely strange to me that they haven't come forward once to comment on the amount being offered, commit to a restart/completion or have even said if they still want to move forward with the project.
 
One thing is for sure. The design concept will be different from the original one. As it says in the article, Strategic pulled back on the project when they discovered costs were going to exceed their budget. The revival of this project is all going to depend on whether Strategic can secure financing. The fact that the city is kicking in $7.5 million on completion, may or may not help facilitate that. If Strategic still has a lot of other debt and a bank is not confident that they can complete this project, the subsidy from the city won't matter.
 
Even if Strategic pulls out of the project, whoever takes over the project will surely be able to secure finance, no question. It’s a landmark character building, already gutted and ready to go, in an almost ridiculously excellent location, with basically an $8 million discount.
 
Some men’s’s on site…

7D5960EE-099D-47A3-B0DA-2C238AC7A106.jpeg
 
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