Comment 93299

By BytheBay (registered) | Posted October 15, 2013 at 12:38:18

I recognize that the congregation couldn't afford the necessary repairs but I'm bitterly, bitterly disappointed that they sold to a repeated bankrupt with a trail of failed projects - There could not have been any good-faith hope for a good outcome in that deal.

Santaguida has had time to forward a plan to the City. I’d suggest he doesn't have one because it was NEVER his intention to make that kind of investment (Although the architects may well have had some hope.)

IMO he was looking to steal a huge footprint of downtown real estate, flatten it for parking and use the proceeds to help with the taxes until a developer who didn't want the hassle of dealing with heritage issues came along to buy it.

If I'm wrong and he genuinely thought he could buy an undervalued piece of real estate and re-purpose it without spending millions, well, that certainly explains his previous development disasters and bankruptcies. Any competent developer would know that massive, aged structures typically require equally massive inputs of cash for successful rehab - Only a fool or a charlatan would think otherwise.

Communities, developers and private buyers invest in their heritage structures all over the world and it adds value to the area. The fact that we seem to be incapable of understanding this in Hamilton remains a mystery to me.

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