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By brendansimons (registered) | Posted December 20, 2012 at 14:51:37
This is so typical Hamilton. Ten bucks says the site becomes a parking lot for at least five years. Why tear it down? The same reason every property owner downtown does: Less maintenance and liability costs, lower tax rate, and potential parking revenue. The incentives are all wrong.
Forget heritage designation, council should enact a new bylaw: No demolitions unless the property owner guarantees new construction within two years. The city loses value every time a building is demolished, so lets say the owner has to post a bond worth the value of the demolished building, forfeited to the city if (when) they don't rebuild.
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