Comment 60913

By David Reid (anonymous) | Posted March 11, 2011 at 22:08:38 in reply to Comment 59618

The unfortunate answer to that is that a parking lot in downtown Hamilton earns more profit due to low overhead, than office or residential space per square foot. Building in the area is costly and refurbishing an existing building even more so with operating costs and taxes associated with such a venture. The project for restoration and expansion can go forward with fundraising or investment but is unlikely to gain significant returns on such a large investment. The city of Hamilton would have much to gain however, from such an investment garnering business and improving real estate values just as the opposite transpired with the demolition of the HMP building. A building that in Toronto, Montreal, Vancouver or Calgary, would have had developers scrambling to retrofit into profitable units obtainable in Hamilton but without the necessary funding or city council vision.

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