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Originally Posted by phil235
How long has Smart Properties owned the block? I didn't get the sense the there was a big decline in condition in the last few years. The stores have only become vacant recently, so they haven't sat on a deteriorating block very long.
I'm sympathetic to the tenants, but given the importance of investment in that stretch of Bank, I'm not seeing how this delay is in the bigger interest. Status quo is not a real option. The real issue isn't the developer's actions, it's the lack of affordable housing and support at the municipal and provincial levels. I find it a bit rich for Ottawa city councillors to be slagging the developer when the City hasn't exactly been a leader when it comes to innovation in support programs. They are also just delaying things, as there is no real prospect of them being successful in blocking the project. The developer doesn't have a legal obligation to do anything, so it's really just a moral question where the City shares as much or more of the blame.
A related question - I thought Smart Living was having financial troubles. Is that no longer the case?
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They can't point to empty storefronts and say this will revitalize the empty storefronts if they are the ones who did not renew the leases. That's where I was going with that.
I wish we had more heritage protection and protection for deeply affordable housing. I'm sure they overpaid for this lot based on development potential, but if the block had protection preventing development, then the price would have been far cheaper based on the economic realities.
Quote:
Originally Posted by zzptichka
Has to be challenging to improve the property if your renters barely cover the property tax bill.
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City should have tax breaks for these kinds of heritage blocks with deeply affordable housing instead of giving tens of millions in tax breaks for Claridge for knocking $300 off a $3,500 a month rent on a new build.
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