Comment 66980

By MattJelly (registered) - website | Posted July 27, 2011 at 13:47:09 in reply to Comment 66976

Fair enough- although we'd be leasing the space for more than $37 per square foot in this proposal. At the renovated Lister Block, we'll be paying $40 per square foot, but the City will own the building in the end, and we'll get tax revenue from the building over the course of the lease. It's still not a good deal for the City to be leasing space at roughly twice fair market value- but the Lister was a better deal for the City than the Downtown Health Campus- and our current Mayor has been rather outspoken in opposing that deal.

Interesting history: the City gave the land to the Board to build the current Board of Education. Now, The Board is selling the building to McMaster, who is going to charge us above-fair-market value for office space, when we already have a 13.7% office vacancy rate in the core. Public Health needs 84,400 sq. feet- and we have nearly tenfold that amount sitting currently vacant.

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