News   Apr 03, 2020
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General Construction Updates

macleod tr around 53rd ave

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More of a destruction update, but here’s that building in Kensington.

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Is it coming down for sure? that's a lot of re-shoring for an unloaded building. Maybe the structure really is that bad

Why is the building coming down?

It most definitely is coming down. Here is an article confirming, with a bit of the background:
 
Lol it was on the verge of structural collapse and had to be emergency evacuated like two years ago. It’s most certainly coming down.
 
There were plans for something there at one time, but given the way things are, the only change we'll see id to an empty parking lot unfortunately.
 
There were plans for something there at one time, but given the way things are, the only change we'll see id to an empty parking lot unfortunately.

The city will have a massive lien on the lot when they finish paying for all the demo, which will be senior to the banks which hold the mortgage. I'm assuming the banks don't want to foreclose just yet because they don't want the liability as owners during demo. Once the demo is done, the banks will likely sell the lot to a developer (who will have to pay off the demo lien as part of the sale). Presumably at that point it will be attractive to build a mixed use rental project.
 
It’ll be a patch of dirt, weeds and stray garbage surrounded by rusty rental fencing for many generations.

Or plot twist, the bank that holds the mortgage builds a windowless 1 storey branch on the lot.

Choose your own adventure.
 

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