Duke's et al. Destroyed by Fire - Vanquished by Taxes
Much has been made of the $48,000 demolition bill that Duke's was given by the city. Something even more ominous hangs over the head of Duke's and the other stores, lost in the Queen West fire.
Any new building constructed will face the uncapped tax rate. For Duke's , it is reported that that property tax is going to climb from $15,000 to $90,000 per year. That amounts to $7,500 per month in taxes. Of course that is completely absurd. No one would pay that amount of tax on top of rent.
I predict what will happen on Queen West is what happens all around this city. Developers will try to build as much residential footage and as least commercial as possible. Yawn, more condos with ground floor dry cleaners / conveince stores and sub shops.