cmcint01
Active Member
650 and rental
Yes the buildings behind Waddingtons will be torn down for the rental.
Yes the buildings behind Waddingtons will be torn down for the rental.
Looks like Freed is quick on knocking buildings down, but slow on putting them up.
Would property taxes decrease after the building on the property is demolished? If construction was not going to happen for a while and there's no revenue being generated within the building (i.e. short term office space leases), there would be no point keeping the building up and paying more in taxes. The building that was once Joker, among other clubs, was demo'd (and turned into a parking lot) quickly for the 310 Richmond/Gansevort Hotel project.
Without a building on a lot, the property loses some value, therefore making the taxes cheaper. This behaviour by property owners has been happening for a long while and appears to happen in cycles.
There's a large banner on the abandoned building next to 455 Adelaide announcing its imminent demolition for Fashion House. Looks like Freed is quick on knocking buildings down, but slow on putting them up.
On a related note, 75 Portland is one slow moving building, too.
Freed has 4 projects in construction, 550 Wellington, 75 Portland, 500 Wellington and 650 King. The only reason that I see to explain why 650 King, and 75 Portland are so slow it is that Freed is working very hard on the schedule for 550 Wellington and it is his priority, he has a contract with Thompson Hotels to complete the Hotel in August. Also, the weather is not helping too much in these days.