The City of Yellowknife and Holloway Lodging Corporation are in discussions over the sale of the 50/50 lot in the downtown core for the value of $1.
Should the city sell the land to Holloway, the company would seek to SA国际影视传媒渢ake the need for residential units and add upwards of 180 units to the market,SA国际影视传媒� according to information from the citySA国际影视传媒檚 agenda. SA国际影视传媒淚t also redevelops a lot currently only used for parking and loitering.SA国际影视传媒�
Holloway, owners of both the Quality Inn and Suites and the upper half of Centre Square Mall, is proposing 12 floors of units consisting of studios to two-bedroom units for residential use as well as commercial space at the street level at 50 Street and 50 Avenue.
SA国际影视传媒淚n September 2014, the city bought the 50/50 property for an appraised value of $1,450,000. At the time the purchase was intended to support the downtownSA国际影视传媒檚 vibrancy, attractiveness, and economic competitiveness,SA国际影视传媒� states the notes for council.
On Feb. 25, 2019, council directed administration to SA国际影视传媒渄ispose of the 50/50 lot through a call for a development proposal to lease or purchase the property, at appraised value, with a specific revitalization goal in mind.SA国际影视传媒�
Administration is recommending to council to sell the lot for $1, while also moving funds from the Revitalization Initiative Reserve to cover the loss.
SA国际影视传媒淚SA国际影视传媒檓 pretty excited we got a proposal,SA国际影视传媒� said Coun. Niels Konge, who was cautiously optimistic.
However, he admitted heSA国际影视传媒檚 nervous about letting Holloway hold onto the land for an extended amount of time.
SA国际影视传媒淚SA国际影视传媒檓 prepared to offer this at a really good deal, but donSA国际影视传媒檛 want the land to just be sitting there vacant for a very long time,SA国际影视传媒� said Konge. SA国际影视传媒淪o, the thought going through my head was, why donSA国际影视传媒檛 we say, SA国际影视传媒極K, you pay full price for the land, then when your development permit goes in, we give you half of it backSA国际影视传媒� then when the building permit goes in, you get the rest back.SA国际影视传媒�
Charlsey White, director of planning and development, responded that the development permit could be 24-months SA国际影视传媒� as opposed to the usual 12-month timeline SA国际影视传媒� with finalization and occupancy occurring after 36-months.
In the event development isnSA国际影视传媒檛 completed, the property would return to the city free of charge.
SA国际影视传媒淚 donSA国际影视传媒檛 like those terms,SA国际影视传媒� responded Konge. SA国际影视传媒淚 mean, for a buck, hold on to it for 24-months, get free parking, get a free place to put your garbage, and thereSA国际影视传媒檚 absolutely, other than paying some taxes on it, no skin off.SA国际影视传媒�
SA国际影视传媒淲e donSA国际影视传媒檛 want it back,SA国际影视传媒� he continued. SA国际影视传媒淚 certainly donSA国际影视传媒檛. ISA国际影视传媒檓 sure itSA国际影视传媒檚 pretty clear in our meeting minutes from 20-whenever we did this that I was fully opposed to ever buying this land.SA国际影视传媒�
SA国际影视传媒淎nd maybe it doesnSA国际影视传媒檛 have to be the full amount, but letSA国际影视传媒檚 say throw half a million dollars at it.SA国际影视传媒�
Rob Sherman, HollowaySA国际影视传媒檚 chief operating officer responded, SA国际影视传媒淥ur perspective when we look at this, thereSA国际影视传媒檚 a lot of risk associated with this type of project, even before the current climate.
SA国际影视传媒淟ike thereSA国际影视传媒檚 a reason this things been vacant so long and no one has stepped up to do this,SA国际影视传媒� he added. SA国际影视传媒淲e wouldnSA国际影视传媒檛 rule anything out, but based on what we have right now, I think that would be difficult.SA国际影视传媒�
Revitalization has been a hot topic of discussion in the city over the past several weeks as the Bellanca Building, the Northern Lites Motel and the former location of the Polaris building are SA国际影视传媒� prospectively or already confirmed SA国际影视传媒� being converted to housing options for various means.
