So Penequity did not build Maple Leaf Gardens????
lol!!
No, but they did buy it before Loblaws... 7 years ago. Still not developed...
Maple Leaf Gardens taken off market
Last Updated: Friday, November 3, 2000 | 4:28 PM ET
CBC Sports
The sale of Maple Leaf Gardens has been put on hold after a dispute over the plan to develop the 69-year-old building.
The major problem between developer PenEquity Management Corp. and Maple Leaf Sports and Entertainment was over the 5,000-seat rink the Leafs insisted on having as a practice facility.
"They confirmed that putting the rink in would not work, was not financially viable," Bob Hunter, senior vice-president of Maple Leafs Sports and Entertainment, said Friday.
"In our long-range planning we wanted to go back there as a tenant and still would like to see that happen so it was a major point within our agreement."
Hunter, who declined to say how much the deal was worth, said the Gardens is off the market while Maple Leaf Sports looks at other proposals originally submitted to see if one will work.
"If not, then we would look at putting the building back on the market some time next year," said Hunter.
Maple Leaf Sports' vision for the building is to turn it into a mid-size sports and entertainment complex with shops and residential dwellings with a rink that could also double as a concert facility.
The rentable area after rink seating was reduced from its current 15,000 to 5,000 fell short of expectations, said Keith Travis, PenEquity's development manager for the project.
Construction costs in ventilation, heating and air conditioning were going to be higher than expected, the economic forecast of revenue from the rink/concert hall were disappointing and the cost of adding residential space was expensive, added Travis.
"It's a very difficult project and there's a number of factors that unfortunately brought us to the conclusion that the program that we originally envisioned was not feasible," he said.
The rink either had to be eliminated entirely or moved within the building to a different level or to a corner, he said.
But PenEquity hasn't given up entirely on the project.
"We believe there are alternatives that could result in re-opening discussions about the property," said Travis.
The deal was off as of Thursday.
This will not affect the auction of Gardens memorabilia that will take place at the rink on Nov. 19, said Hunter.
The Maple Leafs left the Gardens to move into the Air Canada Centre in February of 1999 though the team continues to use it as a practice facility.
The arena is home to lacrosse, junior hockey, concerts and other events yet it is underused and lost more than $1 million last year, according to Leafs ownership.
By Donna Spencer
