What do you think of this project?

  • Total voters
    31
Procura won’t ever be developing the land. They lost that right when walked away from the property and their obligations to maintain it.

The property has been expropriated by the city. The city owns it, will demolish it, and put it back on the market to hopefully recoup a bit of taxpayers money.

Pretty sweet deal by procura to no longer have this as a liability and just have the city walk in. In the end estimated to cost taxpayers $2.7m.
 
Greenspace said:
Procura won’t ever be developing the land. They lost that right when walked away from the property and their obligations to maintain it.

The property has been expropriated by the city. The city owns it, will demolish it, and put it back on the market to hopefully recoup a bit of taxpayers money.

Pretty sweet deal by procura to no longer have this as a liability and just have the city walk in. In the end estimated to cost taxpayers $2.7m.
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If that is the case then why was this Procura sign installed just recently?

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Greenspace said:
Procura won’t ever be developing the land. They lost that right when walked away from the property and their obligations to maintain it.

The property has been expropriated by the city. The city owns it, will demolish it, and put it back on the market to hopefully recoup a bit of taxpayers money.

Pretty sweet deal by procura to no longer have this as a liability and just have the city walk in. In the end estimated to cost taxpayers $2.7m.
Click to expand...
The City has not expropriated this and has no desire to own it, I can confirm that. Procura still owns the property - the City is just forcing them to demolish the building.
 
I believe this is where we're at with it: https://www.cbc.ca/news/canada/edmo...-dwayne-s-home-in-downtown-edmonton-1.7188167

On top of demolition, the city has also taken on the costs of securing the building — up to $180,000 — to avoid fires and break-ins after the owner failed to do so.

The Municipal Government Act allows the city to charge these costs back to the owner on their property taxes. If the owner does not pay them, the city will try to recover the costs by taking ownership of the property and selling it.
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It seems to me that expropriation is a likely future possibility, though. What potential JV partner is going to want to step in to bail Procura's ass out of this one?
 
Gus Haynes said:
I believe this is where we're at with it: https://www.cbc.ca/news/canada/edmo...-dwayne-s-home-in-downtown-edmonton-1.7188167



It seems to me that expropriation is a likely future possibility, though. What potential JV partner is going to want to step in to bail Procura's ass out of this one?
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The City was going to demo it themselves but Procura has (finally) decided to undertake that now, begrudingly. Probably because the City would charge them for the demo and Procura can do it cheaper themselves.
 
Thanks for the clarification, last I had heard was at Council when the City was going to expropriate and demo.
 
I was snapping pics when the head contractor of this project came by and invited me inside to show me around.

He told me that it took about 6 months to remove the asbestos. He mentioned that the demolition should wrap up in October, although he admitted that's a tall order.

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