Ward 6 Town Hall Question
What are your thoughts about the fact that a bunch of the approved developments in the area are up for sale as development opportunities? 3 examples are the 2 projects on Water St South of concession and the old bowling alley site beside Ainslie Street bus station. I'm sure there are others.
Response from candidate Barbara Harrington
This is not uncommon, and why this typically happens is because approved developments go up for sale because securing zoning removes the highest regulatory risk and dramatically boost the land's value. It's a money game, many high end developers specialized strictly in this "entitlement" phase, spending the time and money on architects and City approvals,with no intentions of actually building. By selling the shovel-ready project, they can cash out on their planning success by passing them massive capital requirements, construction loans, and building risk onto larger developers or institutional buyers.
What do I actually feel about it, I'm not a fan of it that's for sure. It leaves us with ugly empty lots sitting there where we could have actual affordable or attainable housing. Unfortunately we cannot control how developers spend their money. If they purchase it get it zoned and sell it again that's their prerogative. Unfortunately it ties land up and our city pays. I hope this answers your question.