{"id":14964,"date":"2016-05-17T09:48:25","date_gmt":"2016-05-17T13:48:25","guid":{"rendered":"https:\/\/huntsville.dopperonline.ca\/?p=14964"},"modified":"2016-05-17T09:56:05","modified_gmt":"2016-05-17T13:56:05","slug":"1empire-deal-falls-through-but-aitchison-remains-optimistic","status":"publish","type":"post","link":"https:\/\/doppleronline.ca\/huntsville\/1empire-deal-falls-through-but-aitchison-remains-optimistic\/","title":{"rendered":"Empire deal falls through but Aitchison remains optimistic"},"content":{"rendered":"

In conversation with Huntsville Mayor Scott Aitchison last week, Doppler asked whether there’s truth to rumours that there are plans in the works for the former Empire Hotel lot. He was quick to set the record straight.<\/p>\n

<\/broadstreet-zone><\/strong><\/div>\n

\u201cYou\u2019re actually not asking me a question in my role as mayor. This question is in my role as real estate agent,\u201d he clarified noting that he is also a realtor with Coldwell Banker.<\/p>\n

Aitchison confirmed that he’s been working with a client on trying to develop that corner of the downtown. He said his client had an accepted offer on the Empire lot with plenty of time for due diligence as his vision involved several properties. \u201cMy client had an offer on the Empire lot\u2026 He had a deal on 15 Main and he was trying to get a deal on the Dominion building and he wanted the (former) Beckers building and the library as well,\u201d he explained.<\/p>\n

Plans were in the works for a 38,000 foot grocery store with underground parking, additional parking on the ground level and space for a brand new library on the second floor. The idea would have seen the Town, or library, contribute its property to the project in exchange for a bigger and newer space that the library could rent at an amount similar to maintaining its own building. The municipality, in exchange, would see that area of the Town developed as well as adding much needed parking downtown.<\/p>\n

The reason that\u2019s a good idea is for a lot of reasons. It would actually create over 200 parking spots in our downtown core, get us a grocery store downtown (and) get us a brand new library twice the size. The library does want to expand and they see themselves needing to raise between $3 to $4 million. I don\u2019t want them running a capital campaign right now. I want all capital campaigns focused on the hospital because it\u2019s the biggest issue we are facing right now.Mayor Scott Aitchison<\/cite><\/p><\/blockquote>\n

He also said that because municipalities are required by the Province to have capital asset management plans in place, owning property can get very costly.<\/p>\n

“We would\u2019ve had to borrow money and pay down that mortgage and at the same time while paying down that mortgage be putting money aside every year for the capital replacement program. So what I\u2019ve learned since becoming Mayor is that in some cases it doesn\u2019t make sense for the municipality to own the real estate.“<\/cite><\/p>\n

He said the library would be paying rent for a brand new 20,000 square foot space, \u201cwhich would basically be the same as the amount of money we\u2019re putting away in the capital asset management program.\u201d<\/p>\n

Unfortunately, he said, the deal fell through. \u201cTo get all parties on the same page at the same time didn\u2019t work out,\u201d he explained. “Part of the problem my client has is he doesn\u2019t have bags and bags of money to spend millions of dollars buying a property in Huntsville, with the hope that he could put it all together. He likes to get them under contract and then do all the due diligence to see if he can put it all together and then close.\u201d<\/p>\n

While the prospect fell through, Aitchison said he remains hopeful. He said he’ll be knocking on the doors of a few potential investors with deep pockets to see if there’s interest. He said he’s been told by one of the listing agents that there’s also interest in the property from someone out West.<\/p>\n

The Empire lot is owned by the two sisters of the late David Keay. He was the owner of the former Empire Hotel when it burned down in October 2009.<\/p>\n

Don\u2019t miss out on Doppler! Sign up for our free, twice-weekly newsletter here<\/u>.<\/strong><\/p>\n

<\/broadstreet-zone>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In conversation with Huntsville Mayor Scott Aitchison last week, Doppler asked whether there’s truth to rumours that there are plans in the works for the former Empire Hotel lot. 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