Comment 77020

By Robert D (anonymous) | Posted May 16, 2012 at 18:07:08 in reply to Comment 76934

It's much easier to make existing abandoned retail "ready" for new retail than it is to construct a building on a parking lot. The lower financial costs means these types of renovations become more attractive sooner than, say, a new building (similarly I think the costs of rennovating larger buildings such as the Connaught are holding that development back, while other smaller renovations (like Treble Hall) move forward.

in terms of parking lots, first, we'd have to assume the owners of the parking lot have any interest in owning a building, and then they'd have to see the opportunity such a building would create (and that the benefits outweight the costs), and finally line up financing, get permits, build, etc.

Vrancor's developments at the old Federal Building have been literally decades in the making (he's been acquiring the land one lot at a time for at least that long), and are largely based on the corproation's efforts to "expand" Hess village and get a better connection to Bay Street, Copps, and Hamilton Place through hotels/condos with street level restaurants and retail.

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