By Jason Leach
Published September 25, 2009
Now this will be a $700,000 loss well-spent.
Canlight Realty, the company that restored the Piggot and Sun Life buildings on James St. and Main St., wants to buy the old Spectator building at King William St. and Catharine St. after the previous developer, Harsuk (Harry) Ganatra, ran out of money.
The city has already loaned $700,000 to Ganatra's numbered company and will not be reimbursed for any of it under the proposed terms of the new agreement. However:
The empty structure pays $15,600 a year in taxes. Condos are expected to bring in $80,000 to $100,000 more, "helping to mitigate our mortgage loss," [Rob Rossini, the city's general manager of finance] said. He told council the original developer was also slated to get a $400,000 grant that will not go to Canlight, reducing taxpayer loss to $700,000.
It's great news for the old Spectator building and the downtown area to get a legitimate builder in there who actually chose a good name (novel idea in an old newspaper factory) and will undo the butcher job that the previous developer was working on before running out of money.
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