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By KieranC.Dickson (registered) | Posted February 08, 2013 at 12:52:53 in reply to Comment 86068
There is no question that the City's reluctance to protect commercial built heritage is impeding redevelopment in the core. While there are many developers interested in renovating mixed-use buildings, many owners are simply not interested in selling their buildings at a value based upon capitalization rates. This is obviously because they hope that at some point the land will be within the footprint of the next proposed mega-project -- and they(reasonably) expect that the City will permit demolition.
This would not be a problem if the City used the available tools to give effect to the Downtown Hamilton Secondary Plan. If future property values were more clearly based upon a model of conservation and re-use, owners would be motivated to either put existing buildings to their highest and best use or sell to others that would.
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